Technicals | May 02 2011
By Rudi Filapek-Vandyck
The TechWizard reports it looks like AUD/NZD is setting up for another rally higher. He thinks there could be another significant break-out on the cards for the next few trading sessions.
Back in February, notes the Wizard, AUD/NZD rallied to the top Bollinger Band, then held for a few days and subsequently broke out higher, establishing a new strong uptrend during the process. He suggests we may be about to witnessa repeat of that process in the days ahead.
The weekly chart is bullish, he reports, with AUD/NZD seen bouncing off the 20 moving average (M/A).
The Wizard suggests traders should watch for a break of 1.3645 as that will move the target to 1.4000.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
