AUDNZD struggling to gain ground (week of 28 Dec, 2020)
For the past 7 trading days, this pair has been stuck between 1.073 - 1.067 region that has been an effective S/R zone in the recent past. Price had also recently broken out of the descending channel to the up side, but the bullish momentum was just not there to follow though.
My bias is thus bearish, and I am targeting the S/R zone located in the 1.05 region in the first instance. If successful, this provides a +3R trade.
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As always, please use sound money and risk management in all your trades.
My bias is thus bearish, and I am targeting the S/R zone located in the 1.05 region in the first instance. If successful, this provides a +3R trade.
If you like my analysis, please give it a "Thumbs up" and follow me to get immediate notifications.
As always, please use sound money and risk management in all your trades.