Bullish Setup On AUDNZD
FХ Strategist & Financial Commentator
During the last three sessions, this pair is trying to build a bullish base just above 1.00 area, where as we can see on the monthly chart, we can detect the last 10 years bottoms set on April 2015.
Today’s session began with a new test of the bottom, and a prompt comeback to yesterday’s top, with the quotes that are currently working around 1.01.
The average true range is rising, even though on this pair, the value is far away from the historical top, and this represents a stability element, that should make trading signals more reliable.
The RSI is currently moving upon the oversold zone and it seems to be anticipating an upcoming rise of the Australian dollar, that has been very weak over the last two weeks.
The setup would be activated as always in case of a breakout of today’s top at 1.0170 area, with a stop loss to be placed at 0.9980 below the bottom of the last 10 years. The target price, on the other hand, should be expected around 1.0310 recovering the previous support area set on March and August 2019 and January 2020.
As always I recommend to trade carefully and to plan at best every move. Don’t forget to subscribe to Nbh YouTube Channel to stay up to date with the financial markets! Have a good trading and see you for the next video.