AUD/NZD could make another leg lower

AUD/NZD could make another leg lower

AUD/NZD is consolidating around the 200 SMA at H1 chart, which is acting as dynamic support. However, October 27th lows are expected to give up to the bears’ force in an effort to reach the Fibonacci demand zone between the 50% and 65% level, at 1.1089 and 1.1030 respectively. We’re expecting that it could act as a pivotal area in order to reach the next bullish target lying at -23.6% Fibo level in 1.1376.

RSI indicator remains in the neutral territory.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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