AUDNZD - Daily - Could just drag itself into the bear zone.
Trade Alert
Now, this is just an idea, because judging by the current activity, it looks that if AUDNZD could just drag itself into the bear zone, where the pair could break the upside support line just by moving sideways. If this would happen, for us to get comfortable with the downside, we would need to see a close below the 1.0845 hurdle, which could open the path towards 1.0780, or even the 1.0710 zone, marked by the low of the 22nd of June.
Alternatively, a break above the 1.0930 area, could bring the bulls back to life, where they could lift the pair higher, towards the 1.1020 obstacle, or a bit higher, to the 1.1065 barrier, marked by the high of the 20th of August.
Always have your SL in place.
Now, this is just an idea, because judging by the current activity, it looks that if AUDNZD could just drag itself into the bear zone, where the pair could break the upside support line just by moving sideways. If this would happen, for us to get comfortable with the downside, we would need to see a close below the 1.0845 hurdle, which could open the path towards 1.0780, or even the 1.0710 zone, marked by the low of the 22nd of June.
Alternatively, a break above the 1.0930 area, could bring the bulls back to life, where they could lift the pair higher, towards the 1.1020 obstacle, or a bit higher, to the 1.1065 barrier, marked by the high of the 20th of August.
Always have your SL in place.