Home Technical Analysis Quick technical update for AUDNZD: Target Approaching!

Quick technical update for AUDNZD: Target Approaching!

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Having a look at the weekly chart of AUDNZD pair, we easily can see how the pair has stabilized above the median line of pitchfork channel as previously anticipated.

The AUDNZD pair is gradually approaching the previous detected technical objective following the breakout above the psychological level of 1.1000.

audnzd-11-06-2015-fxcomment

The positive catalysts remain intact on the chart and with a lack of resistances between the current trading levels and the technical target zone at 1.12, we hold onto our bullish scenario.

Of note, yesterday, we have closed 25% of the long position taken at 1.0775 and we will keep the remaining quantity as it is, but we will move the stop loss to the entry point.

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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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