Trading news

AUD/NZD V Shaped Reversal Turning Into Ascending Scallop

With a giant inverted head and shoulders pattern on the AN pair on Daily/Weekly TF, this bullish move is strengthened by fundamental analysis too. Given President Elect Trump has plans to rebuild the USA, this had lead to bullish moves on base metals and this is good for the AUD. The NZ economy has been quite strong of late, but rate cuts have not been ruled out for the mainly Agri-economy, and this is largely contingent on Dairy prices.
As we could have seen on our Session Recap webinar yesterday, the price behaved exactly as planned, rejecting from 1.0460. Technically, we can spot a V shaped reversal pattern that is turning into ascending scallop, opening the door for more gains. 4h close above 1.0517 is needed and above 1.0530 preferred for next target 1.0570. Substantial momentum above 1.0570 will target 1.0640. Have in mind that ATR on AUD/NZD is not very high and it might take some time for the price to reach the target. POC is 1.0485-1.0500 (ATR pivot, X cross ™, bullish order block) and we might see rejections should price reach the POC zone.

Tuesday, 10 Jan, 2017 / 1:24

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : http://www.admiralmarkets.com/analytics/technical-analysis/aud-nzd-v-shaped-reversal-turning-into-ascending-scallop

Trading news

 

Biden Unveils $1.9tn Aid Package

Jobless Numbers Spike The dollar had a choppy session on Thursday. However, it [...]

Posted on Friday, 15 Jan, 2021 / 12:58 under

Muted Moves In Metals Following Heavy Sell-Off

Gold Following the volatility last week as gold sold off in response to the [...]

Posted on Friday, 15 Jan, 2021 / 12:57 under

Biden’s $1.9 trillion stimulus plan sparks profit-taking

  Stock markets drift lower as Biden’s relief plan raises [...]

Posted on Friday, 15 Jan, 2021 / 10:06 under