AUD/NZD finds major resistance at 1.044, good to sell rallies
AUD/NZD is trading a "Symmetric triangle" pattern.
The pair has held triangle base support and edged higher.
Upside finds stiff resistance at 1.044 (converged 5 & 20 DMAs).
Series of resistance on the upside: Ichi cloud base (1.0501), 100-DMA (1.0501), Triangle top (1.0485).
Price action pivotal at triangle base at 1.04, decisive break below will see drag upto 1.0237.
On the flipside, breakout above 1.0501 could see test of 1.0612.
Support levels - 1.04 (Triangle base), 1.0350 (78.6% Fib of 1.02371 to 1.07647 rally), 1.0312 (July 8 low)
Resistance levels - 1.044 (converged 20 & 5 DMA), 1.0485 (Triangle top ), 1.0501 (cloud base & 100-DMA)
Good to sell rallies around 1.0435/45, SL: 1.0485, TP: 1.04/ 1.0375/ 1.0350
The pair has held triangle base support and edged higher.
Upside finds stiff resistance at 1.044 (converged 5 & 20 DMAs).
Series of resistance on the upside: Ichi cloud base (1.0501), 100-DMA (1.0501), Triangle top (1.0485).
Price action pivotal at triangle base at 1.04, decisive break below will see drag upto 1.0237.
On the flipside, breakout above 1.0501 could see test of 1.0612.
Support levels - 1.04 (Triangle base), 1.0350 (78.6% Fib of 1.02371 to 1.07647 rally), 1.0312 (July 8 low)
Resistance levels - 1.044 (converged 20 & 5 DMA), 1.0485 (Triangle top ), 1.0501 (cloud base & 100-DMA)
Good to sell rallies around 1.0435/45, SL: 1.0485, TP: 1.04/ 1.0375/ 1.0350
There is a breach below triangle base.
The pair is holding above 78.6% Fib @ 1.0350.
Further weakness on break below.