AUDNZD Analysis July 2015 (M)

The AUDNZD hasn’t been covered since last year after the setup we were watching failed. Since then I’ve been happy to let it go about its business but there now looks to be another potential worthwhile setup forming. Let’s briefly check it out using the monthly chart.
 

AUDNZD MONTHLY CHART 

We can see price recently made an all time low at $1.0019 so a smidgeon above par. This looks to be the point 3 low in a 5 point broadening low formation. Price is currently finding resistance from the point 2 high but I expect price to crack higher shortly as it heads to a point 4 high.
 
The PSAR indicator is back to a bullish bias after price busted the dots on the upside this last month.
 
The Bollinger Bands show price seemingly headed to the upper band and that is where I favour the point 4 high to be. The upper band is currently around 1.15.
 
The Stochastic and MACD indicators are both looking bullish suggesting further upside is likely.
 
I have added Fibonacci retracement levels of the move down from March 2011 high at $1.3789 to recent low. I am looking for price to clip the 38.2% level at $1.1459 before turning back down.
 
Once price looks to be nearing its expected high we can look in a bit closer using the daily and weekly charts. Until then…
 
 

Subscribe

VOODOO ANALYST

MONTHLY NEWSLETTER
(12 ISSUES)

$20 USD per month

 

VOODOO ANALYST

MONTHLY NEWSLETTER
(3 ISSUES)

$30 USD per month

Disclaimer

All information contained in this website is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors. Put simply, it is JUST MY OPINION.

JoomShaper