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AUD/NZD technicals & trade tips

FX:AUDNZD   Australian Dollar/New Zealand Dollar
189 0 10
AUD/NZD bulls become alert after bears’ equidistance travel below neckline of double top , “Dragonfly Doji” awaits confirmation:

From last three days, Aussie dollar has been recovering its price losses against Kiwi dollar, bulls started pushing hard vigorously from the lows of 1.0235 (tested support at that juncture & bounced back) to the current 1.0320 levels.

On the  daily chart , amid this journey, bulls taking support at 1.0235 & attempting to break out above resistance of 1.0315, sustain above would continue the  bull run.

One can observe the distance (2.39%) once bears broke down below the neckline of the double top , they have travelled equidistance (2.41%) and taken support exactly at that level.

Both leading indicators ( RSI & stochastic ) are signalling buying sentiments. , RSI evidences the positive convergence with the ongoing price bounces that signifies the strength in bullish momentum, (currently, RSI trending above 40 levels).

While, stochastic curve right from 20 levels which is oversold zone has been evidencing %K crossover, so currently, bulls seem to be in total control over rallies in order to bounce above current levels.

More importantly, daily prices have spiked well above 7-DMA that would mean that the upswings may extend further.

It has formed a dragonfly doji pattern at 1.0290 levels on weekly plotting which is bullish nature; a bull candle with big real body would serve as a confirmation to this occurrence

If this week’s monetary policy from RBNZ doesn’t surprise by any easing, then this bull run may prolong in the short term but for long term trend reversal, we seek proper clarity going forward.

The leading oscillators have been decisive on this time frame.

The long-term investors may have to wait for better clarity for reversals.

Well, having said that we wrap up with the concluding note, short-term bulls can speculate this pair whereas long-term investors have to wait for safe play. Buying one touch binaries at every dip would add leveraging impact on daily traders’ portfolios.
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