{"id":59626,"date":"2014-09-01T07:25:34","date_gmt":"2014-09-01T11:25:34","guid":{"rendered":"http:\/\/countingpips.com\/?p=59626"},"modified":"2014-09-01T07:28:19","modified_gmt":"2014-09-01T11:28:19","slug":"audnzd-looking-top-heavy","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/09\/audnzd-looking-top-heavy\/","title":{"rendered":"AUD\/NZD Looking Top Heavy"},"content":{"rendered":"<div id=\"inves-573456064\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 1, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Neutral<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>NZD Overseas Trade Index took everyone by surprise with a 0.3% rise vs. consensus of -3.5%;<\/li>\n<li>Pending Australian news has an overall bearish tone (ballooning Current Account and weaker GDP expected in June), Building Approvals being the only notable exception;<\/li>\n<li>RBA expected to keep Rates steady at 2.50%.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>AUD\/NZD hit a major price target at the end of August, promptly switching to consolidation mode for several consecutive days. We expect a break-out as soon as Monday night, Tuesday morning the latest.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p>On 19<sup>th<\/sup> August, AUD\/NZD broke above a 3-week range resistance, priced at 1.1045, triggering a new bullish wave within its long term uptrend. Buyers quickly aimed at 1.1194, where a year-old support level coupled with 61.8% Fibonacci expansion on the most recent bullish wave turned into a solid resistance cluster. Buying then slowed down to a halt once this target was reached.<\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/AUDNZD1stSeptember.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6170\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/09\/AUDNZD1stSeptember.png\" alt=\"AUDNZD1stSeptember\" width=\"700\" height=\"344\" \/><\/a><\/p>\n<p>Currently trading within a compressed range, identified as multiple inside daily bars between 1.1129 and 1.1190, AUD\/NZD is about to break-out in the next trading sessions. A bearish break will be confirmed by a drop and Daily close below 1.1128. Besides bearish expectations from Australia, several technical indicators add additional weigh to this scenario. Stochastic indicates extreme overbought conditions, indicating a temporary top is likely to form in this area. Targets for a break lower should be focused largely on 1.1045, where the uptrend is most likely to resume. A second break-down could lead sellers to pressure AUD\/NZD down to 1.0905\/24.<\/p><div id=\"inves-2965518723\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>On the other hand, a bullish break above 1.1200 will expose 1.1350 within a very short period, followed by yet another consolidation period or a deeper retracement due to extreme overbought conditions.<\/p>\n<p>*********<\/p>\n<p>Prepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Neutral Key Takeaways NZD Overseas Trade Index took everyone by surprise with a 0.3% rise vs. consensus of -3.5%; Pending Australian news has an overall bearish tone (ballooning Current Account and weaker GDP expected in June), Building Approvals being the only notable exception; RBA expected to keep Rates steady at 2.50%. AUD\/NZD hit [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-59626","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=59626"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/59626\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=59626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=59626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=59626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}