AUDNZD Weekly Forex Forecast 23rd September To 28th SeptemberMidterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.1140 would begin in Midterm.
Technical analysis:
The ascending flag taking shape suggests we will soon see another leg higher.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 47.
Audnzdlongsetup
AUDNZD testing major support, remain bullishBuy above 1.0491. Stop loss at 1.0430. Take profit at 1.0606.
Reason for the trading strategy (technically):
We look to buy above major support at 1.0491 (Fibonacci retracement, Fibonacci extension, long term horizontal support, bullish divergence) for a push up to at least 1.0606 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing strong support above 1.9% and has also made a recent bullish exit signalling that a change in momentum is starting to take shape for our bullish rise in price. We also see recent bullish divergence signalling that a bounce is impending.