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1 Aug 2014
AUD/NZD constructive for further gains - TDS
FXStreet (Bali) - According to Annette Beacher and Prash Newnaha, FX Strategist at TDS, AUDNZD technical are constructive, suggesting further gains ahead.
Key Quotes
"Technical pointers are constructive and we expect gains on a clear break of 1.1035/40 (June high and 50% retracement resistance of the Oct/Jan decline respectively)."
"Longer-term signals are also constructive; price action over the past few months suggests an important low/reversal is forming after the rebound from 1.0493 at the start of the year."
"AUDNZD is trading well through its 200-day MA and gains over the past three months have broken the back of the trend decline in the cross seen over 2012/2013. We think 1.13 is a reasonable target for H2 but that may be conservative if the RBA switches to an explicit tightening bias before year-end."
Key Quotes
"Technical pointers are constructive and we expect gains on a clear break of 1.1035/40 (June high and 50% retracement resistance of the Oct/Jan decline respectively)."
"Longer-term signals are also constructive; price action over the past few months suggests an important low/reversal is forming after the rebound from 1.0493 at the start of the year."
"AUDNZD is trading well through its 200-day MA and gains over the past three months have broken the back of the trend decline in the cross seen over 2012/2013. We think 1.13 is a reasonable target for H2 but that may be conservative if the RBA switches to an explicit tightening bias before year-end."