Rally on AUDNZD is in a full swing. Less than two weeks ago pair has broken resistance at 1.0640 and since then the price has not dropped below the new support. On Tuesday and today AUDNZD is testing another resistance at 1.0740.That level, which reached now AUDNZD is crucial for the future direction of price movement. The demand can not cope with breaking it from May 2016 year. At this point, bears seeing how important is level reached by price should try their chance. And here is worth playing because an effective reflection from the key resistance may once again push the price to the January lows or even 1.0330. Observing now resistance at 1.0740 we should recall Price Action techniques and only with confirmation that demand is weakening consider taking the position.

AUDNZD H4
AUDNZD H4

 

AUDNZD D1
AUDNZD D1

 

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.