The AUD/NZD continues to consolidate above the 1.35 mark, and is forming a bullish “V” pattern at the moment. The upside has been capped by the 1.37 level, and this should serve as a good launching point for fresh longs if we can maintain that level on a daily close. The 1.35 level continues to be very supportive and should hold for the longer-term. However, even if we break below, you will find massive support at 1.33 and 1.30 which should discourage sellers at this point.
More March 24, 2011 Technical Analysis:
