AUDNZD Bullish Pin Bar Hints at a Move Higher
The AUDNZD came alive in February and continued its bull move through the first half of March. It was the first significant higher high since March of last year when the cross was trading at 1.1280.
Since last month’s high at 1.1018, the pair has pulled back and consolidated. But the way in which buyers have held price above 1.0765 suggests a healthy form of consolidation that could lead to the next leg up.
Furthermore, Friday’s retest of 1.0765 carved out a bullish pin bar. The candlestick pattern suggests that a move higher is on the way, perhaps back to trend line resistance near 1.0900/20.
As for a potential entry point, the 1.0790 area looks promising. This is the March 27th low and is also very near the 50% retracement of Friday’s range.
Alternatively, a daily close back below 1.0765 would negate the bullish outlook.
Since last month’s high at 1.1018, the pair has pulled back and consolidated. But the way in which buyers have held price above 1.0765 suggests a healthy form of consolidation that could lead to the next leg up.
Furthermore, Friday’s retest of 1.0765 carved out a bullish pin bar. The candlestick pattern suggests that a move higher is on the way, perhaps back to trend line resistance near 1.0900/20.
As for a potential entry point, the 1.0790 area looks promising. This is the March 27th low and is also very near the 50% retracement of Friday’s range.
Alternatively, a daily close back below 1.0765 would negate the bullish outlook.
