AUD/NZD Buy Trade Idea
Break of Key Resistance at 1.09:
AUD/NZD has successfully broken through the key resistance level at 1.09, which previously acted as a strong barrier. This breakout indicates potential further upside momentum, turning the 1.09 level into a new support.
Technical Indicators:
RSI is confirming the breakout, moving out of neutral territory, which reinforces the likelihood of a continued upward trend.
Moving Averages:
The 21 EMA has crossed above.
Risk Management:
Since the previous resistance at 1.085 has been broken, consider placing the stop loss just below this level to manage downside risk. If the price continues higher, consider using a trailing stop to capture gains as they accumulate.
AUD/NZD has successfully broken through the key resistance level at 1.09, which previously acted as a strong barrier. This breakout indicates potential further upside momentum, turning the 1.09 level into a new support.
Technical Indicators:
RSI is confirming the breakout, moving out of neutral territory, which reinforces the likelihood of a continued upward trend.
Moving Averages:
The 21 EMA has crossed above.
Risk Management:
Since the previous resistance at 1.085 has been broken, consider placing the stop loss just below this level to manage downside risk. If the price continues higher, consider using a trailing stop to capture gains as they accumulate.
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