AUD/NZD pulls back to key support zone for swing trade long
We’ve been waiting for AUD/NZD to retrace from its cycle high to reconsider longs, and it has now once again piqued our interest. Prices found support at the 200-day EMA yesterday, with the 38.2% Fibonacci retracement holding today’s low nearby.
Whilst RSI (2) is not quite overbought, it is not far from it which suggests we could be approaching a cycle low. It is also trading lower for a fourth consecutive day to also suggest mean reversion (higher) may not be too far away.
Whilst RSI (2) is not quite overbought, it is not far from it which suggests we could be approaching a cycle low. It is also trading lower for a fourth consecutive day to also suggest mean reversion (higher) may not be too far away.
- Should we see evidence of a swing low on the 1 or 4-hour chart, we’d be tempted to scale in to a long with a stop beneath either the bullish trendline or 50% retracement level.
- We could then tighten our stop and add to the long position if the momentum begins to turn higher on the daily chart.
- 1.1000 is the initial target near last week’s high, with the potential for a move to 1.1045
거래청산: 타겟 닿음:
The market stopped just a few pips away from 1.10, and prices have now consolidated.
Keep in mind that the RBA are expected to hike by 25bp today, but a 50bp cannot be ruled out (or a hawkish 25bp hike). Either way, that could support the Aussie.
Keep in mind that the RBA are expected to hike by 25bp today, but a 50bp cannot be ruled out (or a hawkish 25bp hike). Either way, that could support the Aussie.
