AUD/NZD to slip back to supports at 1.0570 to bounce back

FX:AUDNZD   Australian Dollar / New Zealand Dollar
69 0 6
Aussie dollar against Kiwi dollar seems losing momentum in recent gains, for now the pair looks like taking a continuation of 1st half of February's losing streak upto the bottoms of 1.0570 that is where it has tested supports, all signs of making the same attempt of retesting this support as both leading and lagging technical indicators signaling weakness in the recent rallies.

After the yesterday's rejection of resistance of 1.0873, bears are continuing the drag below 7DMA curve.

While both RSI and stochastic oscillators have begun diverging the previous rallies on daily chart , as a result we've been seeing the drop from the yesterday's highs of 1.0873 to today's low of 1.0754 (21DMA), so we could foresee more weakness in the near future.

Despite some negligible upswing pressure we observed selling momentum in recent rallies as the leading oscillator RSI evidences divergence to the previous rallies, (currently, RSI trending healthily at 54.5258 while articulating).

We think it should retest support at 1.0570 and hold decisively if at all the pair has to bounce back to the yesterday's peaks at 1.0873, in between this journey bulls have been disregarding and managed to breach the strong resistance at 1.0871 levels (see sloping trend line where the supply is seen more than demand).

On intraday perspective, currently, the prevailing prices have bounced above both 7MA curve but struggling to show the strength at that stage. Most notably there is a clear crossover of 21MA on 7MA on hourly plotting which is a downtrend continuation signal.

We conduct this technical outlook, the Aussie dollar is close to the bottom of its undervaluation, supporting our view for AUDNZD             upside potential.

Trade Tips:

For the day, we emphasize that the range trading (1.0797 - 1.0760) involves predicting whether the price of the trade's underlying asset will end up within this given range. we foresee very less probability of going beyond this range since there are no fundamental news nor a dramatic bullish technical signal.

As you can observe both the daily and intraday chart (1H), day trend being bearish even though it spikes we can see stiff resistance at 1.0797 (by now longer time MA is already curving out shorter time MA along with RSI and Stochs have begun diverging), on the flip side we've seen 1.0760 acting as minor demand zone .

Well, one surefire way to lose money when range trading (or tunnel betting) is to execute trades without doing any research or having any knowledge about the underlying asset's market. Unless you have at least a basic understanding of the factors that influence an asset's value, you'll find it difficult to execute profitable trades on a consistent basis. This is the case with all binary option types.

Also, do not confuse the "boundary option" with "high / low options". It is not the same! But the real money is in boundary options with fixing above stated range.
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