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From : FX Daily Hotline: 17 September 2014
Chart of the day: A$ finds support v NZ$


The Australian Dollar has plotted a 'Trough' Key Day Reversal against the New Zealand Dollar.  This feature indicates support arriving at the top side of the previous multi-month base formation; near both the 50 and 200-day moving average; and reverses the correction from the overbought early-September high.  A long trade is opened in the Aussie (see yesterday's report), with the stop inserted at NZ$1.0850 for the time being.

The Australian currency has also drawn a bullish key reversal against the Japanese Yen.  The rate was the subject of Tuesday's Chart of the Day section.  The upward dynamic reaffirms support at the upper side of the April to mid-August trading band/base and 50-day MA.  A long is established in the pairing, with the stop placed at Y94.50 (just under support at the 200-day MA) for now.



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