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AUDNZD Rebounds After Dipping Below 1.0600

Recent price action the Aussie dollar pairs suggest that the Aussie dollar might continue to trade lower in the near term.

Technical Analysis
There was a critical support around the 1.0750 area for the AUDNZD pair, which was breached recently. After the break, the pair accelerated below the 1.0600 support area and traded as low as 1.0535. The pair is currently correcting higher and trading around the 23.6% Fibonacci retracement level of the last leg from the 1.0867 high to 1.0535 low. There is a bearish trend line formed on the 4 hour chart, which is coinciding with the 38.2% fib retracement level of the last leg. So, if the pair climbs higher from the current level and test the mentioned trend line, then it might struggle to break it. One more bearish sign is sloping 50 simple moving average on the 4 hour chart, which is aligning itself with the highlighted bearish trend line. In short, a lot of selling interest could be seen around the 1.0700 area if the pair climbs from the current levels.

If the AUDNZD pair moves lower from the current levels, then it might retest the recent low of 1.0535. A break below the same would call for more losses in the near term.

RBA Meeting Minutes
Later during the next Asian session, the minutes of the Reserve Bank of Australia latest meeting will be released, which is likely to act as a catalyst for the Aussie dollar in the near term. If the RBA attempts to push the Aussie dollar lower might well succeed further if they stay dovish.

Monday, 15 Dec, 2014 / 9:24

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