AUDNZD broke out of our short term descending resistance-turned-support line and is approaching our first support at 1.0554 (horizontal overlap support). A strong bounce might occur above this level, pushing price up to our major resistance at 1.0605 (horizontal overlap resistance, 61.8%, 100% Fibonacci extension, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
RSI (89) is also seeing a bullish exit, a good precursor for potential rise in price.
Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade closed: target reached
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Woohooo! Price rallied up perfectly, hope you guys manage to get on this trade!