Bulls may take this 10 top of 6 month range high 1.0700s

AUD/NZD has gained nearly 300 pips from the election panic low under 1.0400, and based on the recent price action, bulls may be looking to take it back up to the top of its 6-month range in the upper-1.0700s.

Zooming into the 1-hour chart, we can see that rates are forming a tight consolidation range just below the recent highs. This bullish price action is allowing the near-term bullish trend line to "catch up" with price and may proceed a strong bullish breakout. Technical trend is strong enough to warrant a buy here.

Trade stängt manuellt:

Closed at 10629. Wasn't moving. Did not want to take a large hit

Kommentera:

F close. Was right to exit