Encouraging signs for AUD/NZD long emerge
We expect the Bearish Gartley formation to proceed further. Some encouraging signs for AUD/NZD upside have emerged.
The pair has bounced back from 1.0567 levels, has closed above the trendline resistance at 1.0620 which has currently flipped to support.
A break above 1.0679/81 resistance (highs Dec 17 & 24) will give more confidence, could establish a bottom for the pair, tests of 1.1086 levels (Nov 24, 25 highs) then likely.
Stochs have rolled-over from oversold territory with a bullish crossover, RSI on dailies has also bounced-off 30 levels and is currently at 43 and points north.
We also see a positive MACD line crossover on signal line, the histogram back into positive territory.
We expect furthering of the Bearish Gartley formation, and would go long on dips around 1.0645, SL: 1.0500, TP1: 1.09, TP2: 1.1080
Resistance Levels:
R1: 1.0667 (Dec 30 highs)
R2: 1.0679/81 resistance (highs Dec 17 & 24)
R3: 1.0741 (21-Day MA)
Support Levels:
S1: 1.0625 (5-DMA)
S2: 1.0606 (Dec 30 lows)
S3: 1.05 (Oct 30 Lows)
The pair has bounced back from 1.0567 levels, has closed above the trendline resistance at 1.0620 which has currently flipped to support.
A break above 1.0679/81 resistance (highs Dec 17 & 24) will give more confidence, could establish a bottom for the pair, tests of 1.1086 levels (Nov 24, 25 highs) then likely.
Stochs have rolled-over from oversold territory with a bullish crossover, RSI on dailies has also bounced-off 30 levels and is currently at 43 and points north.
We also see a positive MACD line crossover on signal line, the histogram back into positive territory.
We expect furthering of the Bearish Gartley formation, and would go long on dips around 1.0645, SL: 1.0500, TP1: 1.09, TP2: 1.1080
Resistance Levels:
R1: 1.0667 (Dec 30 highs)
R2: 1.0679/81 resistance (highs Dec 17 & 24)
R3: 1.0741 (21-Day MA)
Support Levels:
S1: 1.0625 (5-DMA)
S2: 1.0606 (Dec 30 lows)
S3: 1.05 (Oct 30 Lows)
