Home Technical Analysis AUDNZD: Clash of major Asian currencies produced double bottom
AUDNZD: Clash of major Asian currencies produced double bottom

AUDNZD: Clash of major Asian currencies produced double bottom

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By examining the daily chart of AUDNZD pair, we can see how prices have been dominated by a potential classical falling wedge pattern, which has been bottomed twice near the parity level.

audnzd-daily-24-04-2015

The inclines seen in the last three days has assisted those who defended the parity to take the pair above the classical resistance level-turned into support- at 1.0210 where the neckline line of the double bottom formed.

Assessing indicators, the upper line of Bollinger bands has been taken out, while RSI14 succeed in clearing the value of 50.00, assisting Aroon indicator to turn into positivity.

Longs are preferable with targets at 1.0410, while stop loss could be placed in the 1.0200 regions.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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