AUD/NZD has gained nearly 300 pips from the election panic low under 1.0400, and based on the recent price action, bulls may be looking to take it back up to the top of its 6-month range in the upper-1.0700s.
Zooming into the 1-hour chart, we can see that rates are forming a tight consolidation range just below the recent highs. This bullish price action is...
We are at trend line support, 200MA, .382 retracement of the ascent from the oct low, .382 retracement of the decline off the high.
If this support holds we can hope for an upside move targeting median line or top of channel.
The pound is performing well in the post-election environment.
Last week's shock Trump win is seen to have put the UK at the front of the queue when it comes to negotiating a trade deal with the US. So whilst the greenback's strength has got much of the limelight, the pound is also showing high levels of relative strength.
In contrast, the yen is weakening...