Wednesday, August 26, 2009

Is The AUD/NZD About To Move Strongly Downwards?

The AUD/NZD pair (Aussie dollar against the New Zealand dollar) is starting to look interesting because it has just broken downwards through a tight trading range, as you can see from the chart below.

It moved strongly downwards yesterday to close at 1.2278 and could well signal the start of a strong downward breakout. It's now trading comfortably below it's 200 day exponential moving average and the fact that it's broken through an established trendline could encourage more sellers to jump on board.

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