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AUD/NZD undergoes corrective process

By : Mex Group

AUD/NZD undergoes corrective process

19 September 2016, 05:02

An upward and over extended market, set against the backdrop of a downtrend may swing the AUD/NZD buyer-seller pendulum back towards the bears again.

AUD/NZD was in sell mode until a recent move changed the shape of the price structure. The 4hr RSI was on average printing below 50% over the last three weeks and recently broke above the 60% mark. This can be considered overbought territory in the context of a full-fledged bear market. Therefore, the present corrective rally is vulnerable for a turnaround from here.

Further, the 50SMA is still below the 200SMA on 4hr charts. However, should the pair extend its recovery from multi-week lows into a new trend, traders may require a contingency plan in place.

AUD/NZD 0001-01-01T00:00:00
0/0 (0%)
H0 L0

S3S2S1R1R2R3
1.0296134948730 1.0298367738723 1.0301634073257 1.0307133197784 1.0309365987777 1.0312632322311

Trend IndexOB/OS Index
Bullish Overbought