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AUD/NZD Short Term Breakout

AUD/NZD Short Term Breakout

Jamie Saettele, CMT, Sr. Technical Strategist

On January 19th, the following was published at SB Trade Desk. A huge bottoming pattern may be forming but this is a broad range for the time being and resistance could come in near 1.0870/80 (trendline from Sep and November highs and short term upper parallel). Watch for support near 1.0720.

A long was issued at 1.0730. Half of the trade was exited on today's move. The next few days are key in determining whether or not this breakout is 'real' but the next big level on the upside looks like 1.12 or so.

For more trades and analysis, visit SB Trade Desk.

Also check out the DailyFX Trading Guides and forecasts.

created  by Jamie Saettele, CMT

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.