The AUDNZD pair is trading near the minor support zone on a weekly time frame, but the chances are that the price will head towards the major support zone which is mentioned below. Without any doubts we can see that the volatility for the pair is extremely high as it has pierced the Bollinger band and it is trading well away from its 20day moving average. The piercing of the Bollinger band does have a significant importance, especially when we this takes place at an important level of support or resistance and the bigger the time frame the bigger the chances are for the price reversal.
Another bullish sign is emerging from the RSI’s negative divergence. The price is making the lower low but the RSI has not confirmed this which confirms that the reversal move could be on the cards.
Important Zones
Support Zone
1.051-1.042 Major
Resistance Zone
1.158-1.1450 Major
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
Another bullish sign is emerging from the RSI’s negative divergence. The price is making the lower low but the RSI has not confirmed this which confirms that the reversal move could be on the cards.
Important Zones
Support Zone
1.051-1.042 Major
Resistance Zone
1.158-1.1450 Major
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam