AUD/NZD Long @ 1.08600 supportSince opening of this week, the AUD/NZD pair has fallen some 150 pips. This decline has formed a promising reversal on the 8 hour at the 1.08600 support area.
Audnzdlongsetup
Two nice setups for AUDNZDWaiting for price action to hit yellow trendline, then confirmation for a move up towards the fib retracement levels, patience is key here.
AUD/NZD Analysis in D1My view AUD/NZD in time frame D1. Good for waiting this pair or use pending order (buy limit).
Thanks
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.
