AUD/NZD Chartpack - Technicals & Trade Setup

FX:AUDNZD   Australian Dollar / New Zealand Dollar
AUD/NZD pops up shooting star again, minor trend in tandem with major trend to persist long-lasting range – Tunnel spread to trade and short hedge:

Shooting stars are formed at 1.1074 and 1.1062 levels consecutively (refer daily plotting), the downswings are backed by both leading & lagging oscillators on this timeframe.

For now, AUDNZD forms shooting star again at 1.0985 levels.

The frequent appearance of shooting star after breach below channel support intensify weakness, major trend back in range.

Ever since the channel support was breached, we’ve seen more bearish interests than the buying interests.

The major trend of this pair has been downtrend that has gone into consolidation phase approximately from the last three years or so.

For now, upon failure swings at range resistance, the major trend has gone back in range, we expect the same range bounded trend to persist as the momentum indicators signal losing strength.

In short-term trend, the next stiff resistance is observed at 1.1023 and 1.1120 levels, and on the flip side, the strong support zone is seen at 1.0960 and 1.0925 areas.

Overall, the resumption of major downtrend at any time cannot be ruled out, even if you witness any abrupt upswings, that shouldn’t be deemed as panicky buying sentiment.

Instead, tunnel spreads binary options strategy is advocated for the intraday speculative trades for bearish targets, use upper strikes at 1.0995 and lower strikes at 1.0949. Alternatively, deploy short hedge using futures contracts of mid-month tenors with a view to arresting bearish risks upto 1.0730 levels.

These are the conviction trade and it is wise to jack up speculative leveraged positions in order to fetch exponential yields than the spot moves.

Currency Strength Index: FxWirePro's hourly AUD spot index is flashing at 65 levels (which is bullish ), while hourly NZD spot index was at shy above 21 ( bullish ) while articulating (at 06:02 GMT ).
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