AUD/NZD Potential Upward Movement

AUD/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.0770, 1.0799, 1.0850

Key Support Levels: 1.0745, 1.0720, 1.0700

Daily Chart:

The price on the higher time frame is trending to the upside where it faced strong resistance around the 1.0799 USD mark which led to a correction and a move downside around the strong support 1.0720 USD level. Now the market is stuck and traded above the support which could lead to further move to the upside in the same direction of the main trend.

AUD/NZD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame the price succeeded to break the bearish channel to the upside after a long accumulation phase. The price could retrace to the highlighted zone before a rally toward our target profit.

Signal Idea:

Buy Limit Order @ 1.0747

TP 1 @ 1.0770

TP 2 @ 1.0799                

Stop Loss @ 1.0736

Trade Safely 🙂