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AUD/NZD Outlook: September, 11 2013

AUD/NZD Outlook: September, 11 2013

AUD/NZDThe cross enters further correction of 1.1655/1.1468 downleg, as break above near-term congestion extends recovery towards a 50% retracement of entire downleg at 1.1562. Positive hourly studies support further advance, with a regain of the 1.1600 handle required to confirm higher low and shift focus higher. The notion is supported by ascending 4-hour indicators. However, failure to clear 1.1585/1.1600 barriers would keep the downside vulnerable. From the other side, positive daily studies see the upside potential for an eventual attempt at 1.1655, 04/09 high, and daily Ichimoku cloud top. A break of which is needed to resume larger bears that commenced from 1.1197, 01/08 low. Conversely, a loss of 1.1468/33 support, would weaken the structure and risk fresh weakness. Resistance: 1.1562; 1.1585; 1.1600; 1.1655 Support: 1.1530; 1.1500; 1.1468; 1.1433


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