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AUD/NZD Potential Upward Movement

AUD/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.0809, 1.0822, 1.0850

Key Support Levels: 1.0781, 1.0750, 1.0721

Daily Chart:

The price on the daily time frame is trending to the upside where it posted higher highs and lows. the price succeeded to break the daily resistance (now support), and it retraced to it after being rejected at 1.0809 USD mark.

AUD/NZD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hour time frame, the price is trading inside a bullish flag formation. We expect a lower correction to the area of confluence which is made of a strong support and the 61.80% Fibonacci retracement level. This will lead to a move higher in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.0782

TP 1 @ 1.0808

TP 2 @ 1.0822

Stop Loss @ 1.0769

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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