Movement of the AUDNZD cross tends to be affected by factors in the local economy rather than global headline and tends to have a strong trend following characteristic.
Currently the AUDNZD is sitting just below the 1.1050 resistance level, having climbed up from the 1.0950 support level. The natural anticipation will be to expect the momentum to continue, for price to break the resistance, continuing the move upward.
However, pay attention to the 16th through 19th May where price spiked & retraced, struggling to break high from that 1.1050 resistance level.
Therefore, it would be better to stay neutral on the AUDNZD at this point, wait for a clear break higher or lower before entering into a trade.
Currently the AUDNZD is sitting just below the 1.1050 resistance level, having climbed up from the 1.0950 support level. The natural anticipation will be to expect the momentum to continue, for price to break the resistance, continuing the move upward.
However, pay attention to the 16th through 19th May where price spiked & retraced, struggling to break high from that 1.1050 resistance level.
Therefore, it would be better to stay neutral on the AUDNZD at this point, wait for a clear break higher or lower before entering into a trade.
