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AUD/NZD bullish continuation is possible



The AUD/NZD has been moving in a steady uptrend and we can see 2 distinct trend lines that form the bullish trend. Trend lines are the part of 2 POC zones that might spike the price to the upside so traders should watch for it. POC (H3, WPP, EMA89, trend line) has also broken above the descending trend line marking another attempt for the bulls to spike the price to the upside. 1.0620-40 could reject the price further towards 1.0696 and 1.0765. 4h close above 1.0696 is needed for 1.0740-50 target. The price should stay ideally above 1.0580 for this to happen else we might see a deeper retracement in the trend. However if we see a deeper retracement, then pay attention to 1.0535-50 POC2 ( L3, trend line, 78.6) and ideally the price should stay above 1.0500. The target stays the same 1.0740-50 zone.

Monday, 31 Oct, 2016 / 2:25

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Source : http://www.admiralmarkets.com/analytics/technical-analysis/

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