AUDNZD – Did You Catch This Massive Move, Which We Predicted?
AvaTrade | Feb 05, 2014 07:19AM ET
The AUDNZD pair bounced from its support on a weekly time frame as predicted. The support zone was given in our analysis on the 27th January. The price has literally left in a V pattern after touching this support, which means that the zone has big buy orders. The pair is trading in a Bollinger band, thus, the volatility has fallen, but the minor resistance level (1.118) is still far away. However, we are still trading below the downward trend line so the down trend is still the dominant trend and only a break above this line, will open the floor for any further bull rally.
The RSI is still trading in line with the price action which means that the bias could be to the upside.
Important Zones
Support Zone
1.051-1.042 Major
Resistance Zone
1.158-1.1450 Major
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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