The AUD/NZD has formed a super-dot which suggests a retracement to the upside. The Super-Dot is a sign of a countertrend move.
1.0400 zone should provide a bounce to the AUD/NZD. The first target is 1.0438 followed by 1.0448 and 1.0480. The final target is 1.0534. Have in mind that the AUD/NZD is a slower mover during the London/New York session. For the final TP, traders should be patient as a trade might develop over next 5 working days. However, today I expect 1.0438 as it is a daily projection high.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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