AUD/NZD: Possible move higher again, after test of horizontal support

14.03.2017 / 12:05

Rating:

AUD/NZD:

Date: 14 March, 2017

H4: Medium term choppy, short term possible move long

Price made a bottom at around 1.03600 and started going up after breaking horizontal resistances. The latest one is at 1.092. Price corrected slightly to retest the level and now is starting go up again. 50 and 200 EMA's are below the price. Double bottom of support also a fact at 1.08600. Price is also respecting the diagonal support that is formed earlier.

DEM: Indicator is still not in the overbought zone

Alternative scenario: If the price start to move lower again and passes below 1.08600, this will cancel the bullish setup for sure.

Price for Entry long around: 1.09100

SL: 1.08600

Trader - S. Fuchedzhiev

Varchev Traders

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AUD/NZD: Possible move higher again, after test of horizontal support

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