AUD/NZD Going Higher?

Colin Jessup

By: Colin Jessup

The pair known as the Aussie/Kiwi appears to be setting up to break higher. A series of lower highs and higher lows on the daily charts is hinting at a break out favouring the bulls. Price has been trying without success to break and hold above 1.3600 for the past 4 market days, and only a few hours after the open of the Asian sessions we see prices pulling back but holding above 1.3003 so far. There appears to be some heavy support at this level, but should it break, we will see more support at 1.2934, 1.2860 and 1.2800 well below that. If in fact the Bulls do take control, look for more resistance at 1.3075, then the previous high from June at 1.3160 and very strong resistance at 1.3200. Price has reversed several times in the past year from this zone at 1.3200 and I see no reason why this isn't a possibility again. We are well above the Moving Average and the last 3 monthly candles have all been Bullish...supporting a potential break higher.

Happy Trading!

 

AUD/NZD Daily 10/31/11

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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