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Bulls Beware: Aussie and Kiwi at Critical Resistance

Last updated 2/6/2009 2:28 PM EST (GMT -5) 0 Comments - Add your comment

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FX360 Technical Analyst Staff

Technical Analyst, GFT

The AUD/USD and NZD/USD may have topped out in the face of previously established major resistance. This could potentially lead to a dramatic bearish reversal over coming days, and may even result in a brief sell-off as the market prepares to close heading into the weekend.

Of course, if prices manage to break through this resistance we could be looking at an equally dramatic bullish continuation. Either way, Sunday's open will be quite interesting and we should have a good idea of where prices are headed by Monday morning.

The NZD/USD has jumped to an intraday high of 0.5364 re-testing 38.2% Fibonacci resistance. The AUD/USD reached an intraday high of 0.6801 triggering this morning's sell in the process by completing the161.8% ABCD extension pattern (see Intraday Technicals: AUD/USD Best Opportunity of the Day ). 

AUD/USD Resistance">	NZD/USD Resistance">
4hr Chart - AUD/USD Resistance	4hr Chart - NZD/USD Resistance

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