AUD/NZD still testing major support, remains bullish
May 9, 2017 3:40 pm
AUD/NZD is now testing the major support at 1.0675 (Fibonacci retracement, Fibonacci extension, bullish divergence, horizontal overlap support) and we expect a bounce above this level to at least 1.0817 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing the strong support above 1.3% from which we expect a bounce Besides, it sees a bullish divergence vs the price, signalling that a bounce is impending.
Correlation analysis: A strong AUDUSD and a weak NZDUSD means AUDNZD would be in for a strong bullish run which is what we’re expecting today.
Buy above 1.0702. Set stop loss at 1.0632 and take profit at 1.0817.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
AUD/NZD is now testing the major support at 1.0675 (Fibonacci retracement, Fibonacci extension, bullish divergence, horizontal overlap support) and we expect a bounce above this level to at least 1.0817 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing the strong support above 1.3% from which we expect a bounce Besides, it sees a bullish divergence vs the price, signalling that a bounce is impending.
Correlation analysis: A strong AUDUSD and a weak NZDUSD means AUDNZD would be in for a strong bullish run which is what we’re expecting today.
Buy above 1.0702. Set stop loss at 1.0632 and take profit at 1.0817.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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