AUDNZD: Clash of major Asian currencies produced double bottom
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.
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.