BabyPips.com FX-Men Team
BabyPips.com
AUD/NZD: 4-hour
Looks like this range is still intact, fellas! AUD/NZD has been pacing back and forth between support around 1.0970 and resistance at the 1.1300 major psychological mark. Price is currently testing the bottom of the range, which appears to be holding as support, while stochastic is suggesting that a bounce back to the top is in order. The 100 SMA is also above the longer-term 200 SMA, indicating that the path of least resistance is to the upside. However, a return in selling pressure could still spur a break of support, possibly pushing the pair down by an additional 330 pips or the same height as the range. Just make sure you set your sell stop order below the recent lows if you’re looking to short or wait for additional candlestick confirmation.
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