As the AUD/NZD bounces back from a fresh monthly low of 1.2765, it looks as though we will see a short-term correction pan in the days ahead, but I will stay on the sidelines and will look for a higher price to sell the pair as it maintains the downward trending channel from earlier this year. I am waiting to sell the aussie-kiwi around the 38.2% Fibonacci retracement from the 2011 high to low around 1.2880-1.2900, and will look for fresh lows over the near-term as the pair looks poised to retrace the rebound from the previous year.
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
There are no comments yet