AUD/NZD Potential Upward Movement

AUD/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.07235, 1.07425, 1.075000.

Key Support Levels: 1.07045, 1.06921, 1.06860.

1-Hr Time Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside and then entered into a parallel channel. The market moved below the lower side of the channel and then quickly retraced leaving a fakeout behind. A move higher is expected in the coming hours.

AUD/NZD Medium-Term Trend: Bullish

10-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction could be posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 1.07045

Target Profit 1 @ 1.07235

Target Profit 2 @ 1.07425

Stop Loss @ 1.06855

Trade Safely 🙂