AUDNZD Range Provides Potential Buying Opportunity

by Justin Bennett  · 

February 25, 2015

by Justin Bennett  · 

February 25, 2015

by Justin Bennett  · 

February 25, 2015


Want more price action setups? Join our Exclusive Member’s Community


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


Continue Learning


Leave a Reply

Your email address will not be published. Required fields are marked *

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}