AUDNZD: Awaiting a potential breakout

Australian Dollar/New Zealand DollarFXCM

Description

⋅ Apr 13, 2015 8:52 AM

Price is currently in a tight consolidation box between 1.0145 to 1.0200 region.

A breakout to the upside could potentially see price reaching for 1.2580 to 1.2820.

A breakout to the downside could potentially see price reaching for 1.0025.

Naturally, the downside reward seems to be much better than the break to the upside.

I would love to hear your opinion, feel free to comment, agree or disagree.

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Cheers,
KY

Comments

Nightwish

⋅ Apr 13, 2015 8:05 PM

hi. consolidation looks bullish to me so far, rate decision is speculative. if the price breaks upside - you can play cup&handle pattern or bullish flag pattern. the first one targets 1.038 and when in play - delivers. however, main play is breakout play, long or short - I don`t really care :) Cheers

AndrewFx2020

⋅ Apr 13, 2015 10:28 AM

I too am of the view that a break down is more likely, especially with all the hype surrounding the RBA's anticipated decision to cut rates.