AUDNZD bears have been stuck in a consolidation structure for the past three months after a sharp bullish rally that peaked at 1.07301 level on April 17, 2019. The sideways bearish move indicates that the market is in a corrective phase and sooner or later, the bulls will take over and break out the bearish barriers. Fortunately, a very notable corrective price...
AUDNZD broke a key support level AND a key resistance level. Looks to be continuing the downtrend. The pair is up on the day. Waiting until the pair hits the previous resistance level to determine if it will be rejected or break through. If rejected, SL will be above resistance and slightly above trend line, and a move to the support level will be in...
Midterm forecast: There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.1140 would begin in Midterm. Technical analysis: The ascending flag taking shape suggests we will soon see another leg higher. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more...
Since opening of this week, the AUD/NZD pair has fallen some 150 pips. This decline has formed a promising reversal on the 8 hour at the 1.08600 support area.
Waiting for price action to hit yellow trendline, then confirmation for a move up towards the fib retracement levels, patience is key here.
My view AUD/NZD in time frame D1. Good for waiting this pair or use pending order (buy limit). Thanks
Buy above 1.0491. Stop loss at 1.0430. Take profit at 1.0606. Reason for the trading strategy (technically): We look to buy above major support at 1.0491 (Fibonacci retracement, Fibonacci extension, long term horizontal support, bullish divergence) for a push up to at least 1.0606 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic...