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AUD/NZD Trapped- Rebound at Risk Below 1.09

AUD/NZD Trapped- Rebound at Risk Below 1.09

2017-04-05 17:21:00
Michael Boutros, Strategist
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Talking Points

  • AUD/NZD carves weekly opening range below resistance- longs at risk sub-1.0915
  • Updated targets & invalidation levels
  • Looking for more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)

AUDNZD Daily

AUD/NZD Daily Chart

Technical Outlook:AUDNZD is in consolidation near the yearly highs after rallying more than 6% off the January lows. The reversal ahead of the January 2016 highs at 1.0970 late-last month remains in focus with the near-term risk weighted to the downside while below confluence resistance around 1.0910/20.

Interim support rests with the 50-line backed closely by 1.0754/71– a region defined by the July / October highs and the 38.2% retracement of the yearly advance. A break below this zone would shift the broader focus lower with such a scenario targeting 1.0662/72 & critical support at 1.0590-1.06(broader bullish invalidation & an area of interest for exhaustion / long-entries). Keep in mind we’re treating this pullback as a correction with the longer-term outlook weighted to the topside while within this broader ascending pitchfork formation.

AUDNZD 240min

AUD/NZD 120min Chart

Notes:A closer look at price action highlights near-term resistance at the upper median-line parallel of this newly identified descending pitchfork formation extending off the highs. This level feature converges on the 61.8% retracement of the recent decline and the longer-term 61.8 of the 2016 trading range at 1.0912/16. Note that the weekly opening range high comes in just below at 1.0904 – look for a reaction here with a breach above basic trendline resistance off the early highs needed to mark resumption of the broader up-trend.

A tighter range here on AUDNZD has me looking for 1/3 of the daily average true range (ATR) which yields profit targets of 20-23pips per scalp. The economic docket is rather light this week from both respective counterparts, keeping the focus on a break of this initial weekly / monthly opening range.

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Relevant Data Releases

AUD/NZD Trapped- Rebound at Risk Below 1.09

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

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