AUDNZD is currently testing the lower triangle trendline. There is also a support zone around 0.70750 to 0.70660 where we have multiple tests of support / resistance in the past. Stochastic is oversold, we have yet to see a bullish crossover which looks imminent. Stochastic is also showing divergence where we have a broadening formation which does not confirm the price action.
Possible Long Trade Set Up:
Entry: 0.70758 at market
Stop: 0.70626 at this point we will have broken below the trendline and taken out the previous swing low.
Target: 0.71100 this area should see a retest of the upper triangle trendline.
Possible Long Trade Set Up:
Entry: 0.70758 at market
Stop: 0.70626 at this point we will have broken below the trendline and taken out the previous swing low.
Target: 0.71100 this area should see a retest of the upper triangle trendline.