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AUDNZD Closes in on Target at 1.0670

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The AUDNZD has been the best performer so far in April.

Back on April 1st, I wrote a post about how the Australian dollar cross was gearing up for a bullish move.

Or in my words, a “short-term pop”.

The weekly bullish engulfing candle two weeks ago was the first sign that buyers wanted to take prices higher.

But the more convincing signal materialized on April 2nd when AUDNZD started to carve a new base above 1.0450.

Two days later, the pair was already up 100 pips.

Fast forward to today, and there have actually been four separate opportunities to buy AUDNZD.

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There was the initial breakout and retest of 1.0450 between the 2nd and 3rd.

That bounce on April 3rd carved an inside bar which was the second opportunity to buy.

The third signal was the April 8th inside bar which also cleared 1.0540/50, an area I’ve mentioned several times this month.

And last but not least, we had several retests of that 1.0540/50 (new) support area recently.

AUDNZD buying opportunities

So as you can see, there have been plenty of opportunities to ride AUDNZD higher.

My target for this idea remains the 1.0670 resistance area.

That area is the former wedge support (new resistance) that extends from the 2015 low.

With AUDNZD now just 60 pips from the target, it’s probably too late to enter long, at least if you want to secure a favorable risk to reward ratio.

However, it will be interesting to see how the pair responds at 1.0670.

It isn’t an area I would short from without a bearish signal of some sort, but that resistance level near 1.0670 should be a formidable test for buyers.

I remain long from just above the 1.0450 area. I do want to see the 1.0540/50 region continue to hold as support on a daily closing basis.

My target remains the former wedge bottom near 1.0670.

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AUDNZD support and resistance areas

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...

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  • Justin Bennett says:

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  • anas says:

    Thank you 🙏… great analysis… appreciate you assistance..

  • Henryk says:

    1,0610 EMA200!

  • Rasyid says:

    Is too late to take position now😃?
    Good analysis…

  • Esau says:

    I am waiting to go short

  • Getknowtrading says:

    I think it will go up to targez because yesterday pin bar did not do anything to reverse.

    Trend is strong and it must hit a better resistance to make some changes.

  • EMMANUEL says:

    It seems it is too risky to enter buy, but i will be on the look out for bearish signal in the coming weeks. The fall will come soon as the breakout is too aggressive

  • Ross says:

    Most excellent Justin , I `ve been following your posts for a little while now and am most impressed with the clear concise simplicity of your analysis , this trade coming along like a charm { Have demo traded it from your initial post } I will be in your membership group real soon , thank`s

  • John C says:

    I shorted at 1.0606-the 200EMA on the Daily t.f.

  • Lawal says:

    Please is there any way we can get your chart without open account with blackberry

    • There are other New York close brokers out there, but if you want charts from Blueberry Markets you need to open an account with them.

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