AUDNZD surpasses recent focal points:
Last three and a half weeks’ of streaks of Aussie dollar against Kiwi dollar is now testing the intermediary resistance of 1.0623 levels. For now, bulls seem to have halted at this juncture (see ).
On weekly basis, it has been recovering its price losses, bulls started pushing hard vigorously from the lows of 1.0237 to the current 1.0619 (almost about 3.73%), in between it has cleared resistances at 1.0493 levels.
Both technical and fundamental indicators are signalling buying sentiments.
The leading oscillators have reached overbought zones, evidences the positive convergence with the every price bounces that signifies the strength in momentum, (currently, trending above 68 levels).
While, no there is no trace of selling indications even if curve reaches above 80 levels which is overbought zone. %K crossover even above 80s would mean that bulls seem to be in total control over rallies in order to bounce above current levels.
Upswings of 2.38% after testing support at 1.0235 & sustenance above 1.0493 likely to make equidistance travel.
More importantly, daily prices have spiked well above 7 & 21DMA curves that would mean that the upswings may extend further.
Overall, the best time for short and medium term bulls, however, the long-term investors have to wait for better clarity as the sustenance above stiff resistance at 1.0515 and EMAs on both weekly as well as monthly charts should be considered. While substantiating indications from lagging indicators are needed.
Well, having said that we wrap up with a concluding note, short-term bulls can speculate this pair whereas long-term investors have to wait for safe play.
On speculative grounds, one can think of one touch binary calls rather than spot FX trading as the short term environment is more intensified, so let’s give a leveraging touch so as to maximize the profitability. So, the intraday trade idea would be the buy at dips for minimum targets of 30-40 pips, thereby, returns on such leveraging instruments would be exponential.