AUD,NZD/FXWW News/Technical Analysis/Trade Ideas

AUD/NZD technicals: Bears looking to weekly close below 1.1825

This pair looks very heavy to me but there is important technical support near 1.1825 (see chart) which is the 61.8% retracement of the big rally from 1.06 to 1.38.

Of course we have already had a spike below there but we haven’t yet seen a weekly close below there. I think this level could prove to be very important when looking at medium term developments.

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