AUD/NZD Long
AUD/NZD has approached a key daily support level at 1.06500 showing multiple price rejections on the daily chart with significant swing movements to the upside in previous weeks. Price actions is currently holding at another key daily level at 1.07500 which is also showing to be a key level of support/resistance on the lower time frames such as the hourly chart. The two most recent daily candles have formed a potential bullish reversal pattern with a spinning top formation in one candle followed by a very strong bullish candle breaking the high of the spinning top, this accompanied by the 1.06500 support level could suggest a potential reversal to the next key point of interest, the 1.08600 level. the momentum bias does seem to with a bullish move since price action has deviated significant from its 50 EMA suggesting that AUD/NZD is over sold and there is potential for movement to the upside.
The four hourly chart is showing a potential bullish wedge converging at the 1.06500 with a bullish divergence formation on the RSI. Price action has broken out of this wedge and is testing the 1.07500 level. Price action could rejection at this level and test the upper trend line of this wedge where it intersects the 1.07000 daily support/resistance level. The RSI and stocastic oscillators on the hourly and 4 hourly times also support this idea since both indicators are residing in the overbought regions. The entry point for this trade will be a retest of the 1.07000 level ( and wedge formation) or a clear break of the 1.07500 level. Assuming that price action may pull back slightly, there is potential confluence with the 50% fib retracement level and the 1.07051 level, supplying strong confidence in this level as a good point of entry. The 1.0700 has previosuly shown that is holds as significant support level will multiple rejections on the smaller time frames.
The four hourly chart is showing a potential bullish wedge converging at the 1.06500 with a bullish divergence formation on the RSI. Price action has broken out of this wedge and is testing the 1.07500 level. Price action could rejection at this level and test the upper trend line of this wedge where it intersects the 1.07000 daily support/resistance level. The RSI and stocastic oscillators on the hourly and 4 hourly times also support this idea since both indicators are residing in the overbought regions. The entry point for this trade will be a retest of the 1.07000 level ( and wedge formation) or a clear break of the 1.07500 level. Assuming that price action may pull back slightly, there is potential confluence with the 50% fib retracement level and the 1.07051 level, supplying strong confidence in this level as a good point of entry. The 1.0700 has previosuly shown that is holds as significant support level will multiple rejections on the smaller time frames.
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