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AUDNZD: Watching the 1.2160 region closely
Been keeping an eye on $AUDNZD today, and it feels like we're bumping up against a fairly significant level around 1.2160. We touched 1.21581 earlier, and while it's not a hard reversal yet, the daily range has respected that ceiling. If we get a sustained break above 1.2160, especially on decent volume, I'd have to reconsider the short-term bearish pressure that's been building. My current read is that any rejections from this area could open up another leg down towards 1.2100, but a clear close above it invalidates that bias for me.
2 comments · 6 points
That 1.2160 level has been pretty sticky. The market seems content to test it without a decisive move, which suggests underlying indecision more than a strong directional bias yet.