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8 Oct 2013
AUD/NZD bursts to non-sustained 1.1392 session highs
FXstreet.com (Chicago) - AUD/NZD rose to 1.1392 session highs after better than expected Australian data was made public.
As published earlier by FXstreet.com, Australian business confidence is the highest in three years, confirming a positive momentum and sentiment spread across Aussie backers.
AUD/NZD Technical Levels
Price action reveals the pair is offered at 1.1375 after hitting strong ceiling around the 1.1392 zone (also September 24th highs). Printing a spike last week and higher lows despite retracement, the pair extends the upward trendline originated last September 30th with primary, secondary and short-term trends pointing up – diverging from intraday trend that indicates an inconclusive retracement. Offered at 1.1374, the pair navigates between supports aligned at 1.1337 (September 11th lows), 1.1294 (September 18th lows) ahead of 1.1264 (October 3rd lows) and the resistances set at 1.1392 (September 24th highs), 1.1437 (August 28th lows) followed by 1.1478 (September 8th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
As published earlier by FXstreet.com, Australian business confidence is the highest in three years, confirming a positive momentum and sentiment spread across Aussie backers.
AUD/NZD Technical Levels
Price action reveals the pair is offered at 1.1375 after hitting strong ceiling around the 1.1392 zone (also September 24th highs). Printing a spike last week and higher lows despite retracement, the pair extends the upward trendline originated last September 30th with primary, secondary and short-term trends pointing up – diverging from intraday trend that indicates an inconclusive retracement. Offered at 1.1374, the pair navigates between supports aligned at 1.1337 (September 11th lows), 1.1294 (September 18th lows) ahead of 1.1264 (October 3rd lows) and the resistances set at 1.1392 (September 24th highs), 1.1437 (August 28th lows) followed by 1.1478 (September 8th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.