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AUD/NZD Outlook: September, 12 2013

AUD/NZD Outlook: September, 12 2013

AUD/NZDThe cross has lost ground after a corrective pullback off of 1.1655 broke below the 1.1450 higher platform, and with 50% retracement of 1.1261/1.1655 upleg. Acceleration lower so far retraced at 76.4% of the entire rally at 1.1350 and focuses on key near-term support at 1.1261, 19/08 low. Completion of 4-hour Head and Shoulders pattern supports the notion, along with firmly bearish near-term technicals. Bears would be interrupted by corrective action on oversold studies, with previous strong barrier at 1.1450 expected to cap. Weakening daily studies also signal that corrective phase off 1.1197 to 1.1655 is over, as fresh fall retraced so far over 61.8% of the entire rally. Resistance: 1.1384; 1.1400; 1.1450; 1.1475 Suppot: 1.1300; 1.1262; 1.1233; 1.1197


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