Daily Price Action
Shares

AUDNZD Closes in on Target at 1.0670

Shares

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.

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.

Want to see how we’re trading AUDNZD? 

Click Here to join us and save 40% – Ends April 30th!

AUDNZD support and resistance areas

Leave a Comment:

11 comments
Justin Bennett says

Now you can get access to the same professional Forex charts I use.

Get access today:

https://www.blueberrymarkets.com/lp/dailypriceaction

These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

Reply
anas says

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

Reply
Henryk says

1,0610 EMA200!

Reply
Rasyid says

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

Reply
Esau says

I am waiting to go short

Reply
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.

Reply
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

Reply
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

Reply
John C says

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

Reply
Lawal says

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

Reply
    Justin Bennett says

    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.

    Reply
Add Your Reply