AUD/NZD technicals and trade setup
Within a span of last three-four days, AUDNZD has been recovering its recent price losses, it would absurd if we hurt prevailing bulls sentiments as they made bull travel almost more than 2% in just 4 consecutive days (tested support at 1.0235 & bounced back) to the current 1.0493 levels.
On the daily chart, amid this journey, bulls broken out resistance of 1.0493 levels (neckline of the double top), the sustenance above would drag the upswings towards 1.0705 levels (i.e. double top peaks).
One can observe the distance (2.39%) once bears broke down below the neckline of the double top, they have travelled equidistance (2.38%) and taken support exactly at that level.
At this juncture, both leading indicators (RSI & stochastic) are signaling healthy buying momentum. RSI evidences the positive convergence with the ongoing price bounces that signifies the strength in bullish momentum, (currently, RSI trending above 62 levels).
While, stochastic curve right from 20 levels which is oversold zone has been evidencing %K crossover, so currently, bulls seem to be in total control over rallies even after entering 80 zones.
More importantly, daily prices have spiked well above 7-DMA and 7-DMA crosses over 21-DMA that would mean that the upswings may extend further.
It has formed a dragonfly doji pattern at 1.0290 levels on weekly plotting which is bullish nature; a bull candle with the big real body would serve as a confirmation to this occurrence.
If this week’s monetary policy from RBNZ did not surprise by easing shock which was in line with market expectations, then this bull run may prolong in the short term but for long term trend reversal, it seems like a proper clarity going forward.
On the daily chart, amid this journey, bulls broken out resistance of 1.0493 levels (neckline of the double top), the sustenance above would drag the upswings towards 1.0705 levels (i.e. double top peaks).
One can observe the distance (2.39%) once bears broke down below the neckline of the double top, they have travelled equidistance (2.38%) and taken support exactly at that level.
At this juncture, both leading indicators (RSI & stochastic) are signaling healthy buying momentum. RSI evidences the positive convergence with the ongoing price bounces that signifies the strength in bullish momentum, (currently, RSI trending above 62 levels).
While, stochastic curve right from 20 levels which is oversold zone has been evidencing %K crossover, so currently, bulls seem to be in total control over rallies even after entering 80 zones.
More importantly, daily prices have spiked well above 7-DMA and 7-DMA crosses over 21-DMA that would mean that the upswings may extend further.
It has formed a dragonfly doji pattern at 1.0290 levels on weekly plotting which is bullish nature; a bull candle with the big real body would serve as a confirmation to this occurrence.
If this week’s monetary policy from RBNZ did not surprise by easing shock which was in line with market expectations, then this bull run may prolong in the short term but for long term trend reversal, it seems like a proper clarity going forward.
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