FX:AUDNZD Australian Dollar/New Zealand Dollar
I'm a long way from trading breakouts, but this one has caught my eye. Of late the 0.9 level has been holding strong, but this week price has successfully broken out and successfully closed well above this level. Though we have the next round number of 1.1 which could act as the first trouble area ( FTA ), the next real resistance comes into play at the 1.12 level. Coupled with divergence on , I'm expecting action and for price to reach the 1.12 level. Once this has been attained, it's likely another box of consolidation between the 1.12 and 1.09 could occur.
The reason why I didn't take this trade was though the bullish candle was a strong bar. If you look above there stands a high big round number of 1.1, taking into account the distance between the break of the bar and the BRN is extremely little coupled with the fact that divergence is showing, all was a no go for me :)