AUD/NZD looks vulnerable

AUD/NZD looks vulnerable

2019-11-11 • Updated

Trade idea

SELL 1.0430; TP 1.0380; SL 1.0450

AUD/NZD has been forming a series of lower highs since April. This week the pair settled below the 100-day MA at 1.0500. It retraced 61.7% of the March-April advance. This Fibo level is currently providing support in the 1.0440 area. The decline below it will open the way down to 1.0370 (78.6% Fibo). The return above 1.0470 is needed to start a bullish correction. 

AUDNZD 28.png

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