AUD/NZD Price Analysis: Bulls come back with a vengeance
- AUD/NZD bears step back in and take out stops back into the resistance structure.
- AUD crosses have rallied after surprise Aussie jobs report, day traders alerted to volatility.
AUD/NZD has rallied after an impressive Aussie jobs report, superseding any positives from a beat in the New Zealand Gross Domestic Product report earlier int he day.
The technical picture has shifted to neutral following the aggressive spike and has resulted in a breakeven trade for the AUD/NZD swing trade that was otherwise 50% on its way towards the target.
As it stands, the daily picture remains bearish in a 1,2, 3 wave setup but the 4-hour structure requires the price to not close above 1.0863.
Additionally, the new low created is too close a structure to the target for there to be an appropriate risk to reward opportunity.
Instead, day trading strategies could take advantage of price action on a lower time frame, such as the hourly chart.
4HR chart
-637359050105666812.png)
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
