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4 Jun 2014
AUD/NZD breaks 1.10, 50% fib overhead
FXStreet (Bali) - AUD/NZD has broken above 1.10 round number following the upbeat Australian Q1 GDP, which printed the best quarter of growth since March 2012.
AUD/NZD, which has recently taken out an important area of resistance at 1.0915, causing a change in market structure to now shift the focus to the upside, has risen to a new high not seen since mid December at 1.1025,, with the 50% fib retrac of the Oct-Jan decline coming just overhead.
Any setbacks in price should see now 1.0980 act as immediate support followed by 1.09/1.0915, old resistance-turned-support, which converges with the 38.2% fib retrac from the bear leg mentioned above.
AUD/NZD, which has recently taken out an important area of resistance at 1.0915, causing a change in market structure to now shift the focus to the upside, has risen to a new high not seen since mid December at 1.1025,, with the 50% fib retrac of the Oct-Jan decline coming just overhead.
Any setbacks in price should see now 1.0980 act as immediate support followed by 1.09/1.0915, old resistance-turned-support, which converges with the 38.2% fib retrac from the bear leg mentioned above.