Sitting in an ascending triangle and having just printed a bullish engulfing candle on the daily chart, upside may be beckoning for AUD/NZD.
We’ve seen multiple failed attempts to overcome resistance at 1.0980, so a close above the level—or at least a meaningful break above the August 16 high—would be preferable before considering a bullish setup.
If that occurred, longs could be established above 1.0980 with a stop beneath for protection. 1.1000 provides an early psychological hurdle, although the April 1 high of 1.1030, 1.1050 or 1.1100 screen as more appealing as targets unless you’re an ultra-short-term player.
Momentum indicators marginally favour a bullish bias, although price action should take precedence when assessing the setup.
If the price cannot overcome 1.0980, the bullish bias would be invalidated, opening the door for setups looking to play the existing range down to 1.0905 support.
Good luck!
DS
We’ve seen multiple failed attempts to overcome resistance at 1.0980, so a close above the level—or at least a meaningful break above the August 16 high—would be preferable before considering a bullish setup.
If that occurred, longs could be established above 1.0980 with a stop beneath for protection. 1.1000 provides an early psychological hurdle, although the April 1 high of 1.1030, 1.1050 or 1.1100 screen as more appealing as targets unless you’re an ultra-short-term player.
Momentum indicators marginally favour a bullish bias, although price action should take precedence when assessing the setup.
If the price cannot overcome 1.0980, the bullish bias would be invalidated, opening the door for setups looking to play the existing range down to 1.0905 support.
Good luck!
DS
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.