AUD/NZD At HFT Buy Zone!
|We are analyzing the activity of HFT algorithms in the Forex market this morning and have noticed that the AUDNZD currency pair may provide interesting buying opportunities later in the trading session.
AUDNZD has already reached the light HFT buying pressure zone which is today noted at 1.0441 and below. Additionally, multiple lows in the 1.0450 area from recent days are providing further buying interest at these levels.
AUDNZD has roughly formed a descending channel on the chart. The prior lows from recent days form the lower trendline of this channel which provides support right in the light HFT buying pressure zone. Forex traders will, therefore, be on the lookout for buying opportunities around the current levels.
The Master MACD indicator is still showing the trend to be bullish, but it will quickly change if the price action rebounds at current levels. Traders will be looking at the resistance trendline of the channel to be reached in case of the bullish scenario. The light HFT selling pressure zone is also near and today is noted at 1.0484 and above.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.