NZD/AUD bears focus on key resistance (1)
NZD/AUD currency pair struggles to break above twin resistance at (1).
The reliable Monthly support zone which recently became resistance offers some indication that coupled with the descending trend line (1), it’s likely that we will see a pullback for at least the short term. In this scenario, a short position could be taken below the base of the zone (long term support at 2) with stops above (1). Long term sentiment for this pair amongst small speculators is largely bullish, whereas short term sentiment is neutral.
Our signals for this short set-up are at:
Sell at: 9188.0
Stop Loss at: 9216.0
Target at: 9152.0
The reliable Monthly support zone which recently became resistance offers some indication that coupled with the descending trend line (1), it’s likely that we will see a pullback for at least the short term. In this scenario, a short position could be taken below the base of the zone (long term support at 2) with stops above (1). Long term sentiment for this pair amongst small speculators is largely bullish, whereas short term sentiment is neutral.
Our signals for this short set-up are at:
Sell at: 9188.0
Stop Loss at: 9216.0
Target at: 9152.0