AUDNZD | PERSPECTIVE FOR THE NEW WEEKAUD/NZD is aiming higher within the broad range despite the announcement from Reserve Bank of New Zealand's governor Orr at the beginning of the month (September 2020) that the central bank is ready to deliver more stimulus. Presently, the pair is trading above the Breakout of the Bearish Trendline hereby closing the last week above the Demand zone @ 1.09200
Tendency: Uptrend ( Bullish )
Structure: Trendline | Supply & Demand | Breakout
Observation: i. The line drawn under pivot lows on the Daily chart emphasizes the prevailing direction of price as price comes back to touch Trendline once again!
ii. Breakout of Rejection Trendline is another confirmation that points at an Uptrend bias.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:3
Potential Duration: 8 to 15 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
