AUD/NZD: is it time for a correction?
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Trade idea
SELL 1.0670; TP 1.0620; SL 1.0690
AUD/NZD experienced an impressive rally since the end of March. This week the currency pair ran into the resistance of the 50-week MA (1.0700) and 50% Fibo of the August-March decline. The possibility of a short-term correction down is high. Selling is possible below the 200-day MA (1.0675) with a target at the next Fibo level of 1.0620.
A break above 1.0755 (200- and 100-week MAs) is needed to open the way up to 1.0830 (61.8% Fibo).
