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AUD/NZD faces more downside
Information is not investment advice
SELL 1.0425; TP1 1.0370; TP2 1.0330; TP3 1.0250; SL 1.0455
As the Australian dollar is weakened by the dovish position of the Reserve Bank of Australia, AUD/NZD is making movements to the downside which are hard to ignore.
Let’s start with a bigger timeframe, MN. Here we see that in December the pair broke down out of a triangle within which it had been trading since 2015.
In January, there was an abnormal spike down which for some time stopped the pair from the further fall. However, the reprieve was only temporary. We see that AUD/NZD formed a lower high in February and then slid below the former support and now resistance area at 1.0450. The downside targets now lie at the 2017 and 2016 lows.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
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