The Aussie Dollar managed to climb higher recently not only against the US Dollar, but also against the New Zealand Dollar. There was a bearish trend line formed on the 4-hours chart of the AUDNZD pair, which was cleared to open the doors for more gains in the near term. So, I think it is a nice signal for us to look for a buy opportunity moving ahead.
When we look at the hourly chart, then there is a nice buy zone developing where there might be a lot of buying interest in the short term.
Technical Analysis
H4– Trend Line break signaling buyers stepping in.
Entry:
H1– We can enter a buy trade if the pair corrects lower in two waves and trades close to the highlighted support area at 1.0980-60.
Target 1: 1.0990
Target 2: 1.1050
Stop Loss: A close below 1.0950
Video Explanation:
Yours,
Vlad
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