AUD/NZD- Selling Pressure Continues
AvaTrade | Mar 31, 2014 06:40AM ET
The AUDNZD pair has formed a double top on a 4 hour time frame. The double top is considered as a strong reversal signal when this takes place at an important level of support or resistance. The pair is trading firmly below the downward trend line which means that the bulls are losing their control and only a break above this line will open the floor for any further upward move.
The RSI is also trading in line with the price action which means that the bias could be to the downside.
Important Zones
Support Zone
1.056-1.053
Resistance Zone
1.075-1.072
h3 Disclosure & Disclaimer:/h3The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam
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