AUD/NZD
The cross has bounced yesterday after having stabilized above a support at 1.2306. It may test an important resistance zone at 1.2407/09 (retracement of 38% of the downtrend between November 2012 and February 2013 and short term bearish channel). A failure to clear this resistance would signal a new bearish wave which would be confirmed by a break below the short term support at 1.2306 paving the way to 1.2117/42. A break above 1.2409 would invalidate this scenario in the short term and would prolong the recovery toward the 1.25 area (former long term support now resistance). Sell @ 1.2399 – stoploss @ 1.2431 – Target @ 1.2143.
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Natixis