AUDNZD approaches trendline as RSI nears oversold
We are testing this trend-line for the 4th time since April 2015, as the RSI nears oversold levels on the daily chart.
We have bullish convergence on the RSI & MACD indicators, looking at the monthly chart.
For the bears, we have the 100 DMA about to cross the 200 DMA to the downside.
An entry around 1.05 level offers decent great risk/reward for a long trade with stop around the 1.04 level looking at targets around 1.074, 1.095, and maybe above 1.11.
Conversely, if we cleanly break the trend, breaching the stop at 1.04 we can flip short potentially returning to previous lows around 1.024 and even another test at Parity.
This is a macro trade - 12-18 month time-frame.
We have bullish convergence on the RSI & MACD indicators, looking at the monthly chart.
For the bears, we have the 100 DMA about to cross the 200 DMA to the downside.
An entry around 1.05 level offers decent great risk/reward for a long trade with stop around the 1.04 level looking at targets around 1.074, 1.095, and maybe above 1.11.
Conversely, if we cleanly break the trend, breaching the stop at 1.04 we can flip short potentially returning to previous lows around 1.024 and even another test at Parity.
This is a macro trade - 12-18 month time-frame.
Stops moved to 1.064