The cross trades down by 0.10% having an early Asia session low at 0.7300. It has posted a double bottom between 0.7175- 0.7185 and a double top between 0.7355. The underlying indicators remained bullish and the price consolidating at the mid-point of the range (0.7435-0.7175).

Ahead of next week’s Fed and RBNZ policy meetings the cross likely to trade within the given range of 0.7435-0.7175.

Beyond the double top, the cross likely to rally further to the resistance seems at 0.7435 (triple top). Potential upswing will emerge if the price breach the triple top, in this case, 0.7480 and 0.7550 could possible.

Month support: 0.7150

 

Also read: Hollow NZ 4Q GDP

It is important to always keep in mind the risks involved in trading with leveraged instruments.

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