AUD/NZD failed at resistance

AUD/NZD failed at resistance

Trade idea

SELL 1.0595; TP1 1.0555; TP2 1.0500; SL 1.0610  

AUD/NZD spiked to 1.0720 this week after the Reserve Bank of New Zealand cut interest rate but then quickly retreated back to 1.06. Once again the pair failed to close above the 200-day MA (1.0655). A “shooting star” candlestick was formed on the daily chart. As a result, we can expect the pair to decline at least to the weekly lows around 1.0550 or even to 1.0550.  

AUDNZD.png

Similar

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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