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AUD/NZD Overbought – Is It Time for a Retracement?

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AUD/NZD met the resistance of the 50-week MA in the 1.0700 area. A bit higher there are more resistance levels (100- and 200-week MAs at 1.0750).

The advance of the pair during the recent month was very rapid, and now it became overbought. The pair returned below the 200-day MA and will likely survive a deeper correction. As long as NZD/USD remain below the weekly pivot at 1.0660, the short-term picture will remain bearish.



Besides, the Fibonacci indicator is likely to support the pair around 1.06300 (23.6% Fibo level) and 1.0550 (38.2% Fibo Level). The target levels lie around 1.0500.

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