Hey Traders,
Earlier this year AUD/NZD broke and traded strongly above the 200 Moving Average prompting a strong bullish run towards the year long resistance level of 1.076, where price paused for a few weeks before breaking out of the year long base it had formed.
RSI readings currently read oversold, obviously. So What I would expect or wait for is a pullback to the highlighted support area for a potential opportunity to go long. Keyword: potential.
Hope you enjoyed my simple form of technical analysis.
Cheers. =)
Earlier this year AUD/NZD broke and traded strongly above the 200 Moving Average prompting a strong bullish run towards the year long resistance level of 1.076, where price paused for a few weeks before breaking out of the year long base it had formed.
RSI readings currently read oversold, obviously. So What I would expect or wait for is a pullback to the highlighted support area for a potential opportunity to go long. Keyword: potential.
Hope you enjoyed my simple form of technical analysis.
Cheers. =)
Order cancelled:
No position entered.
Price is now retracing back to the broken resistance turned support. Watching accordingly.