AUD/NZD at 1-month high; on track to 1.1750?
FXstreet.com (Barcelona) – AUD/NZD has been on a majestic 4-day bull run to the upside, forging what a growing number of analysts are calling a meaningful bottom as the market continue to discount diminished chances of an immediate RBNZ hike.
Relationship with 20-day EMA kaput
Since late March 2013, AUD/NZD had been commanded lower by a descending 20-day EMA, a dynamic resistance which no lomger acts as a cap for the pair after being breached earlier last week, suggesting a change in the interest to participate long.
According to Sean Lee, Founder at FXWW: “There is still some trend-line resistance close …read more