Forex: AUD/NZD below rumored 1.2850 options

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Forex: AUD/NZD below rumored 1.2850 options

FITITOL--> FXstreet.com (Barcelona) - AUD/NZD is last at 1.2827, about flat for Asia-Pacific session, and slightly above weekly open after making a low at 1.2760 yesterday. The cross retreats from yesterday's high at 1.2841 around NY close, below where is rumored according to ForexLife big options selling at 1.2850, which could hold price below it for the time being.

According to Andrew Spencer from IFR Markets: “A close above 1.2825 would add fuel to uptrend 61.8% of Mar/Apr fall @ 1.2855 100 DMA @ 1.2861 key resistance. Trend is higher, but overbought daily momentum studies are cresting. @ 1.2777 is initial support, close below suggests deeper dip,” the analyst says. Key event later around 09:30 GMT in the form of Aussie annual budget release will very probably bring some volatility to the cross.

Immediate resistance to the upside for AUD/NZD shows at Friday's highs 1.2850, followed by Jan 18 lows 1.2868 and March 07 lows 1.2877, while for the downside closest support com es at March 19/21 lows 1.2804/00, followed by March 13 lows 1.2793, and Feb 21/22 lows 1.2767/5.