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AUD/NZD Potential Upward Movement

AUD/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.03669, 1.04186, 1.04679.

Key Support Levels: 1.02972, 1.02255, 1.02200.

Daily Chart:

The price on the higher time frame failed to break the strong daily support around the 1.02972 NZD mark where the coin moved below it and then moved higher. A reversal occurred after the market posted a hammer bullish bar and further movement is expected in the coming hours.

AUD/NZD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the bearish channel to the upside with the help of a series of bullish bars. A lower correction could be seen to the highlighted zone before a new impulsive in the opposite direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.03302

TP 1 @ 1.03655

TP 2 @ 1.04186

Stop Loss @ 1.03148

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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