AUDNZD: Double Bullish Divergence - Is It Time to Buy?

The price reached the support zone at 1.03000 level. RSI confirms the price reversal. The same goes about MACD histogram. DMI is bearish, but ADX line falls. It tells us that sellers are not active.

We have a trend reversal signal based on a double bullish divergence. We should be ready to see the reversal from the support zone and the further upward movement to SMA50, SMA100, and SMA200. These lines can be used as profit targets for possible long positions.

How to trade? It is possible to buy following the trend reversal signal from the daily chart. Stop orders must be placed below 1.03000 support. Buy signals will be in the lower timeframe as well. Use reversal and breakout signals to open long positions with stop orders below the support zones and the important swing lows.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.