The market is quieting down now, time to look at AUDNZD

February 27, 2014 by Nanakiver3

I spoke earlier about AUDNZD trading the 61.8% fib for the move up to date, we have since bounced up from the 1.663 support now 30 pips higher, AUD has come under continued downside pressure of late and looks to overextended on the downside against the NZD.

audnzdh4

AUDNZD 4 hour chart

From a technical stand point this trade looks like a good set up for longs with a stop a below the 1.0645 targeting a longer term correction in the pair.