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 AUD/NZD: is it time for a correction?

AUD/NZD: is it time for a correction?

Information is not investment advice

AUD/NZD experienced an impressive rally since the end of March. This week the currency pair ran into the resistance of the 50-week MA (1.0700) and 50% Fibo of the August-March decline. The possibility of a short-term correction down is high. Selling is possible below the 200-day MA (1.0675) with a target at the next Fibo level of 1.0620.

A break above 1.0755 (200- and 100-week MAs) is needed to open the way up to 1.0830 (61.8% Fibo).

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The upside of EUR/CHF has so far been limited by 1.0975. On Monday, the pair slipped below 1.0940 resuming the decline that started last week.

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