AUD/NZD close to resistance but still bullish

July 25, 2016

By Admiral Markets

As we could see in my previous AUD/NZD analysis, the pair went as expected. Additionally it was the trade setup of the week on the previous Session Recap webinar. It seems that NZ dairy will be weak for some time and RBNZ is hinting at rate cuts, so the pair could still be bought on dips.

Technically the pair is approaching resistance 1.0725 – H5 daily PP. If we see a momentum above it it could hit 1.0755 and 1.0780 as the next target. However we might see a rejection too. If we see a rejection the POC for new longs is 1.0665-1.0685 (61.8, H3, EMA89, ascending trend line). Admiral Markets Supreme Edition tools also show bullish trend and H4 time frame bullish action.

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Article by Admiral Markets

Source: AUD/NZD close to resistance but still bullish

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