The pair was supported in 1.03200 area, where we can find a strong demand zone
. Even though upside move is expected since the AUDNZD
0.15% is oversold, we can see a major support line becoming resistance all the way back from December 2005 lows. On the other side, many support lines and fibos are covering our last bounce area, so if the pair should continue and break the resistance and minor supply zone
, we will see the pair continue to advance to 1.05500 levels. The pair can test 1.03000 prior upside movement.
- The importance of trend line
or fibo line, is seen by it's thickness.
- The pair was analyzed on Monthly and Weekly first, to see the bigger picture