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25 Nov 2013
Flash: Objective of AUD/USD H&S near 0.88 - BBH
FXstreet.com (Barcelona) - The US Dollar appears to have room to strengthen further vs the Australian and New Zealand Dollar, after key technical breakouts last week, notes Marc Chandler, Head of FX at BBH.
Key Quotes
"The Australian and New Zealand dollars appear to have carved out a topping pattern that looks like a complicated head and shoulders pattern. The objective of the Australian dollar's head and shoulders pattern is around $0.8800, which is just below the August low of $0.8850. Resistance is seen near $0.9280."
"The New Zealand dollar closed well below the $0.8200 neckline on a weekly basis. The measuring objective is around $0.7950. On a break of $0.8130, the next target is about $0.8030."
Key Quotes
"The Australian and New Zealand dollars appear to have carved out a topping pattern that looks like a complicated head and shoulders pattern. The objective of the Australian dollar's head and shoulders pattern is around $0.8800, which is just below the August low of $0.8850. Resistance is seen near $0.9280."
"The New Zealand dollar closed well below the $0.8200 neckline on a weekly basis. The measuring objective is around $0.7950. On a break of $0.8130, the next target is about $0.8030."