AUDNZD Explodes Off Key Level | Oct 1

AUDNZD – Post RBA Decision Launches Higher
Yesterday we wrote about the key level the AUDNZD was sitting off of at the 1.1200 figure. After the RBA rate decision tomorrow, and slightly hawkish stance, the pair launched higher off the key 1.12 figure, jumping +175 pips just below the 1.14 resistance. This a critical level as it was a) the pin bar rejection 6 days ago, and b) is sort of the middle of the range role reversal level which you can see in the chart below.

This level offers a lot of interesting opportunities, for if the short term bullish momentum continues, then it could be a great pullback level to get long after it breaks above. The next resistance levels are 1.15 and 1.1645. The alternate scenario is if it holds the upside in check and sells off, bears can look for intraday price action signals to short, targeting 1.12 with tight stops above.

audnzd role reversal level breakout price action 2ndskiesforex

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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