Time turns trend. - W.D. Gann
-
AUDNZD selloff meets major support level
The AUDNZD pair has been pulling back over the past fortnight, leading to a retest of a previously notable area of resistance. Will this hold as new support for a move higher or could we see the pair push lower? The daily chart shows that the 1.10335 level has acted as key resistance back in May-July, the breakout above which has led to an increased bullish sentiment for the pair. However, with the breakdown of the upward trend, as personified by the close below 1.1126, the pair is worth watching to see if we can hold up once more for the next leg higher. The stochastic is certainly looking bullish in it’s nature ... (full story)