AUDNZD has been in an uptrend since late April. Sustained NZD weakness has been the main proponent of this. More recently, AUD has faced some weakness due to decreased global demand for commodities and China going through a crisis. However, China's perceived woes are now subsiding slightly (albeit still there) amongst some and so we are seeing relative strength back into AUD.
Technically, we have seen a bull flag form. We have had a breakout and a retest already. For a breakout confirmation, I would want to see a close above 1.1303 (The high from back in November 2014) to truly provide a change of structure.
Form your own opinions.
Not to be taken as investment advice.
Technically, we have seen a bull flag form. We have had a breakout and a retest already. For a breakout confirmation, I would want to see a close above 1.1303 (The high from back in November 2014) to truly provide a change of structure.
Form your own opinions.
Not to be taken as investment advice.