Daily Price Action

AUDNZD: Tuesday Breakout Triggers 100-Pip Rally


AUDNZD buyers are doing their part following Tuesday’s breakout.

On Monday I wrote a post stating that a close above the confluence of resistance at 1.0450 would expose 1.0670.

Tuesday’s 1.0465 close did just that.

And yesterday I pointed out how AUDNZD was carving a new base above 1.0450.

Fast forward to today, and the pair is up nearly 100 pips from that breakout level.

However, buyers are approaching a key area at 1.0545. I wrote about it yesterday but figured it was worth another mention.

You can see in the daily chart below how 1.0545 has served as a pivot of sorts since mid-December.

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There’s no guarantee the pair will respect it this time around, but the chances are good that we’ll see at least a few offers in this region.

That said, I’m not anticipating a significant or lasting rejection from 1.0545.

Tuesday’s breakout from the 1.0450 area appears to be on track to reach former wedge support near 1.0670.

I feel a bit more confident writing that after Thursday’s 50-pip gain.

If AUDNZD does pullback from the 1.0545 resistance area, I’d like to see the region just below 1.0500 hold as new support.

The 1.0490 level was responsible for capping both Tuesday and Wednesday’s sessions.

As such, any retest of this area should attract an influx of buying pressure.

In summary, 1.0490 is immediate support followed by 1.0450, but it’s going to take a daily close above 1.0545 resistance to expose the final target at 1.0670.

IMPORTANT: I use New York close charts so that each day closes at 5 pm EST.

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AUDNZD breakout and key levels

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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