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AUD/NZD Outlook: September, 30 2013

AUD/NZD Outlook: September, 30 2013


The cross continues to trend lower and nearly fully retraced 1.1203/1.1393 rally. As near-term bears are fully in play, immediate risk comes at strong 1.1200 base, and loss of which to commence fresh bear-leg and resume larger downtrend, with 1.1150, December 2007 low, and the psychological 1.1100 support seen as the next targets. Negative near-term studies support the notion, however, further delay of bulls may be seen on oversold conditions, with corrective rallies to be ideally capped at 1.1300 zone, also 50% of 1.1393/1.1218 descend. Resistance: 1.1265; 1.1285; 1.1304; 1.1326

Support: 1.1218; 1.1203; 1.1197; 1.1147

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