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theforexarmy

AUDNZD Bounced Nicely Off Support, Prepare For Further Rise!

Long
Australian Dollar / New Zealand Dollar (FX:AUDNZD)  
theforexarmy  
FX:AUDNZD   Australian Dollar / New Zealand Dollar
Trend Analysis Harmonic Patterns Chart Patterns AUDNZD aud NZD audnzdlong Forex forexsignals
2
0
trendanalysis harmonicpatterns chartpattern audnzd aud nzd audnzdlong forex forexsignals
Buy above 1.0850. Stop loss at 1.0776. Take profit at 1.0994.
Reason for the trading strategy (technically):
AUDNZD bounced nicely off its support at 1.0850 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 1.09944 (horizontal swing high resistance).

Stochastic (89, 5, 3) bounced off its support at 3.7% where a corresponding rise could occur.
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