I am a bear on this pair. Due to fundamental reasons I have been buying the kiwi for quiet some time now.
AudNzd Daily Chart
Price has been trading through a descending triangle over the past 3 months. We saw it ranging in December between a psych level of 1.05000(Resistance) and 1.03637 (Support) even though it broke down through it by approximately 40 pips. Bulls then bought from that level of support but then failed for the second consecutive time to break through the psych level resistance and came off the trend line drawn from connecting the high and lower high from November. Price opened at MM2 this month.
AudNzd H4 Chart
We've seen some great Aussie strength this week which resulted in price hitting the weekly bull target. A psych level of 1.05000 has been holding quiet well as a key level of resistance. For a selling opportunity I want to see price break through the immediate level of support at around 1.04200 and coming back to test that at the role reversal.
AudNzd H1 Chart
We have been range bound the past two days. Yesterday we saw price coming the top of the range at 1.04783 and breaking through the minor support level at 1.04600. We had a retest of this level at the role reversal which was within the Fib zone. An immediate support level of 1.04250 is eyed and bulls will surely try buy between DPP and DM2. Price might continues to trade through the descending triangle or break the support level. I will look for selling opportunities at the role reversal.
About The Forex Analyst
I just think to myself at times that hey young man, some of best the best days of your life haven't happened yet, and man what a wonderful feeling it is.