Hello Traders,
I will be watching the AUDNZD for a possible break-out above the previous Resistance levels. On the 1D chart, a Bullish Engulfing Candle formed and easily eliminated the prior days’ losses. Strong Hidden Bullish Divergence has also formed on the MACD Platinum/Price Chart 1D.
Elsewhere on the 16H, the price has diverged from the RSI since mid-April (see attached 16H chart). This has resulted in the current RSI level being quite far from the previous highs. The RSI appears to have some room to move upwards before reaching over-bought territory.
There is a possible short-term set-up to current Resistance levels but in my opinion, the risk/reward is not there.
If you liked my analysis, please give me a follow
*The above is not trading advice but simply my analysis of the market*
I will be watching the AUDNZD for a possible break-out above the previous Resistance levels. On the 1D chart, a Bullish Engulfing Candle formed and easily eliminated the prior days’ losses. Strong Hidden Bullish Divergence has also formed on the MACD Platinum/Price Chart 1D.
Elsewhere on the 16H, the price has diverged from the RSI since mid-April (see attached 16H chart). This has resulted in the current RSI level being quite far from the previous highs. The RSI appears to have some room to move upwards before reaching over-bought territory.
There is a possible short-term set-up to current Resistance levels but in my opinion, the risk/reward is not there.
If you liked my analysis, please give me a follow
*The above is not trading advice but simply my analysis of the market*