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2 Oct 2013
AUDNZD - Resistance 1.14 may offer interesting opportunities - 2ndSkies
FXstreet.com (Barcelona) - Following the neutral stance by the RBA on its monetary policy decision yesterday, AUD/NZD saw a sharp spike off 1.12 formidable support, leading the exchange rate to now approach 1.14 resistance.
According to Chris Capre, Founder at 2ndSkies: "This a critical level as it was a) the pin bar rejection 6 days ago, and b) is sort of the middle of the range role reversal level."
Capre notes that the aforementioned level offers some valuable opportunities, "for if the short term bullish momentum continues, then it could be a great pullback level to get long after it breaks above" Capre said.
Technically, Capre expands: "The next resistance levels are 1.15 and 1.1645. The alternate scenario is if it holds the upside in check and sells off, bears can look for intraday price action signals to short, targeting 1.12 with tight stops above."
According to Chris Capre, Founder at 2ndSkies: "This a critical level as it was a) the pin bar rejection 6 days ago, and b) is sort of the middle of the range role reversal level."
Capre notes that the aforementioned level offers some valuable opportunities, "for if the short term bullish momentum continues, then it could be a great pullback level to get long after it breaks above" Capre said.
Technically, Capre expands: "The next resistance levels are 1.15 and 1.1645. The alternate scenario is if it holds the upside in check and sells off, bears can look for intraday price action signals to short, targeting 1.12 with tight stops above."