AUDNZD: is that the END of the TREND CORRECTION?
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🟢Forex Pair:
AUD/NZD
⚪Technical Analysis:
Since the 1st December 2020, the price has been moving with a strong bullish impulse, going up for about 420 pips, reaching the level at about 1.08500.
On that level, the price got a quick rejection, falling down breaking through the S/R zone at about 1.07000, and it is currently reaching the an interesting support zone at about 1.05700, that perfectly match with the 0.61% of Fibonacci retracement.
🔴Conclusion:
This is absolutely a nice trend correction of its previous bullish impulse, and I'm confident to see the price bouncing on the support zone at 1.05700 before moving up again with a new bullish momevent.
I'll be waiting for the price to reach the support zone before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
AUD/NZD
⚪Technical Analysis:
Since the 1st December 2020, the price has been moving with a strong bullish impulse, going up for about 420 pips, reaching the level at about 1.08500.
On that level, the price got a quick rejection, falling down breaking through the S/R zone at about 1.07000, and it is currently reaching the an interesting support zone at about 1.05700, that perfectly match with the 0.61% of Fibonacci retracement.
🔴Conclusion:
This is absolutely a nice trend correction of its previous bullish impulse, and I'm confident to see the price bouncing on the support zone at 1.05700 before moving up again with a new bullish momevent.
I'll be waiting for the price to reach the support zone before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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