The stock of Pepsico formed a kind of messy inverted “Head and Shoulders”.
AUD/NZD: time for a correction
SELL 1.0590; TP 1.0500; SL 1.0610
AUD/NZD met the resistance of the 50-week MA in the 1.0700 area. A bit higher there are more resistance levels (100- and 200-week MAs at 1.0750).
The advance of the pair during the recent month was very rapid, and now it became overbought. The pair returned below the 200-day MA and will likely survive a deeper correction. As long as NZD/USD remain below the weekly pivot at 1.0660, the short-term picture will remain bearish. The target levels lie around 1.0500.