Daily Price Action

AUDNZD Range Provides Potential Buying Opportunity


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AUDNZD is currently moving within a descending equidistant channel on the daily chart. The pair produced a bullish pin bar on the daily and weekly chart as it recently came off channel support.

This gives me reason to believe that higher prices are in store. How much higher? Channel resistance provides a long-term target around 1.0730, however don’t discount the 1.0570 handle to act as strong resistance on the ride up.

The setup is invalidated on a daily close below 1.0430.

Summary: Look for buying opportunities on dips back to 1.0430. The first target comes in at 1.0570 with a longer-term target of 1.0730.

AUDNZD daily forex chart

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