Lets start off by looking at the price action for AUDNZD, we can see that BULLISH strength has faded giving rise to BEARISH potential. This can be seen from the yellow dotted line I drawn and what we are seeing now is a BEARISH fall. For now, what we saw was a retest to 1.0612 resistance level which it recently broke through. Thus, I will be looking at a nice sell opportunity from this level heading towards 50 fib level minimally. There is also a rather strong support level @ 1.0455 which I will be observing. Having said that, if we see a breakthrough we could potentially go all the way down to 61.8 fib level. As of now, I will be trading BEARISH on AUDNZD as I will be seeing this BULLISH movement as a retest to resistance level. This idea will be subjected to changes if we see a breakout of 23.6 fib level.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!