AUD/NZD - 240 - Which one will be stronger?
Trade Alert
As we can see from the chart, AUDNZD has been on a steady decline since the reversal on the 9th of August. Even if the pair would retrace back up, as long as it remains below the downside resistance line, drawn from the peak of the 9th of August, we will aim lower in the near-term.
From the short-term perspective, AUDNZD is stuck between the 1.0710 and 1.0765 levels, in a way, forming a small range. We will wait until the pair breaks through one of the sides.
A break through the 1.0710 level could open the door to the next potential area of support at 1.0655, which was the lowest point of June.
If the pair decides to recover some of its lost ground and breaks through the 1.0765 barrier, we could then look into a possibility for AUDNZD to touch the 1.0800 area, or even the 1.0845 obstacle, marked by the high of the 6th of November.
Always have your SL in place.
As we can see from the chart, AUDNZD has been on a steady decline since the reversal on the 9th of August. Even if the pair would retrace back up, as long as it remains below the downside resistance line, drawn from the peak of the 9th of August, we will aim lower in the near-term.
From the short-term perspective, AUDNZD is stuck between the 1.0710 and 1.0765 levels, in a way, forming a small range. We will wait until the pair breaks through one of the sides.
A break through the 1.0710 level could open the door to the next potential area of support at 1.0655, which was the lowest point of June.
If the pair decides to recover some of its lost ground and breaks through the 1.0765 barrier, we could then look into a possibility for AUDNZD to touch the 1.0800 area, or even the 1.0845 obstacle, marked by the high of the 6th of November.
Always have your SL in place.