Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/NZD rejected at trendline resistance at 1.0875, dips into cloud to confirm downside

AUD/NZD has been trading a symmetrical triangle pattern, price action just above the daily cloud.

  • Upside on the day has been rejected at triangle top resistance at 1.0875, with formation of inverted hammer.
     
  • Cloud offers strong support on the downside, break below would confirm further downside.
     
  • AUD/NZD is currently trading at 1.0844, with immediate resistance at 1.0875 (triangle top) and then at 1.0882 (Nov 4th highs).
     
  • Cloud top at 1.0813 is immediate support on the downside, breaks below could see next support at 1.08 (5-DMA).
     

Recommendation: Good to go short on breaks below 1.0813 (cloud top), SL: 1.0875, TP: 1.0770/1.0725/1.07

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.