The AUDNZD has tested the same resistance zone three times now, each of which results in seller strength. However, on the most recent test of the resistance zone, price did not face such a heavy downside rather falling a mere 33% of the recent uptrend. This could mean seller strength around the resistance line is fading, allowing for bullish momentum to takeover when we test this zone again very soon. I will be looking for a breakout through this zone with momentum. Ideally, I would like a retest of the prior resistance and see it become support; however, I may trade a bit riskier and ride the potential breakout.
THIS IS NOT FINANCIAL ADVISE NOR AM I ENCOURAGING YOU TO MAKE TRADES. THIS IS MERELY MY ANALYSIS OF THE MARKET. TRADE AT YOUR OWN RISK.
THIS IS NOT FINANCIAL ADVISE NOR AM I ENCOURAGING YOU TO MAKE TRADES. THIS IS MERELY MY ANALYSIS OF THE MARKET. TRADE AT YOUR OWN RISK.