AUDNZD: Long Setup Awaiting Key Pullback
Technical Analysis:
Weekly Chart: I won't comment on the structure of the weekly chart wether it is trending or not, but it has broken out of a range, indicating a bullish move is in play. Last week's price action shows buyers are in control, setting the stage for potential long positions on the lower timeframe this week. In the long run, the price appears to be heading towards the next horizontal level on the weekly chart around 1.1431/89.
Daily Chart: The daily price action has been ranging since July 11th, nearly two weeks now. Given the bullish sentiment on the weekly chart and no signs of bullish exhaustion on the daily chart, I'm comfortable going long on the lower timeframe from the bottom of the range.
4-Hour Chart: As per our plan, we will wait for a pullback to the bottom of the range around 1.1059/45 to go long.
Buy Limit Entry: 1.1059/45
Stop Loss: Below 1.1039
Target: 1.1136
Fundamental Analysis:
There’s not much happening with AUD except for the Flash Manufacturing PMI on Wednesday, July 24th. On the other hand, the RBNZ has brought forward their plan for a potential interest rate cut, which brings a dovish (bearish) sentiment in the market for NZD.
Hope you have a fantastic week ahead. Happy trading!
Weekly Chart: I won't comment on the structure of the weekly chart wether it is trending or not, but it has broken out of a range, indicating a bullish move is in play. Last week's price action shows buyers are in control, setting the stage for potential long positions on the lower timeframe this week. In the long run, the price appears to be heading towards the next horizontal level on the weekly chart around 1.1431/89.
Daily Chart: The daily price action has been ranging since July 11th, nearly two weeks now. Given the bullish sentiment on the weekly chart and no signs of bullish exhaustion on the daily chart, I'm comfortable going long on the lower timeframe from the bottom of the range.
4-Hour Chart: As per our plan, we will wait for a pullback to the bottom of the range around 1.1059/45 to go long.
Buy Limit Entry: 1.1059/45
Stop Loss: Below 1.1039
Target: 1.1136
Fundamental Analysis:
There’s not much happening with AUD except for the Flash Manufacturing PMI on Wednesday, July 24th. On the other hand, the RBNZ has brought forward their plan for a potential interest rate cut, which brings a dovish (bearish) sentiment in the market for NZD.
Hope you have a fantastic week ahead. Happy trading!
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