AUD/NZD Weekly Signal- Jan. 7, 2014
By: John Ursus
Timeframe: W1 Recommendation: Long Position
Entry Zone: 1.0775 – 1.0800
Take Profit Zone: 1.1775 – 1.1800
Stop Loss Zone: 1.0575 – 1.0800
The AUDNZD has endured a strong correction which created a big gap between current price action and its next resistance level presented by the descending fan of its Fibonacci Retracement Fan. The AUDNZD is currently carving out a new support level which has not been confirmed yet and remains pending.
This currency pair should bottom out around current levels which will leave it with very limited downside potential while the upside opportunity is excellent. Profit taking could add a short-covering rally as well and further increase buying pressure.
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