I see bearish range resistance and .618 fib line resistance at this AUDNZD level.
I set a stop loss at 1.09149 which is a few pips above the monthly high.
I'm looking for a return to lower levels at 1.06646
*Note: The AUD could regain strength soon as XAUUSD is approaching support, but I trust technical trends more than market sentiment. Watch for confirmation. Cover your trades with stop losses.
*Note: I would also like to add I'm in favor of this range because AUD and NZD are close in price and even if the Australian Dollar gets stronger, I don't think it will be enough to break the trend.
I set a stop loss at 1.09149 which is a few pips above the monthly high.
I'm looking for a return to lower levels at 1.06646
*Note: The AUD could regain strength soon as XAUUSD is approaching support, but I trust technical trends more than market sentiment. Watch for confirmation. Cover your trades with stop losses.
*Note: I would also like to add I'm in favor of this range because AUD and NZD are close in price and even if the Australian Dollar gets stronger, I don't think it will be enough to break the trend.