The AUD/NZD currency pair has been growing after a protracted consolidation. Quotes have updated local highs. The current technical pattern signals a further recovery of AUD/NZD quotes. Some classic patterns of Price Action, Inside Bar (H1 timeframe), have been formed in the trading instrument. The local resistance is the level of 1.0400. We recommend paying attention to this situation.
If the price fixes above 1.0400, AUD/NZD purchases should be considered. The immediate goal for profit taking is 1.0430. The movement is tending to 1.0470-1.0500. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account