Long AUDNZD on the bounce off the 1.0830/50 support

by | February 2nd, 2018, 17:55:56 | Technical Analysis

A 200MA, trend line and fib support could do the trick

Simple picture watching on the daily : The 200 DMA comes in at 1.0848, the trend line as well and the 50% fibs of the July-November rise at 1.0832.
Add to that a few tops and bottoms over the past months all in the same zone as we can see. We have decent support here.
I went in at 59 in small , left another bid at 1.0835 just ahead of the fibs support. The initial idea is for a return into the 1.0937/42 area where we find the 38.2 fib and a downward trend line resistance. Break above which should see it retake the 1.10 big figure. I will stop through 1.0820 for a minor 30 pips risk and probably reverse then as a break below should see another momentum develop down to low 1.07’s.

K-man
Latest posts by K-man (see all)

Pin It on Pinterest