AUDNZD – Breakout Pullback Setup, Staying Bullish | Aug 8
Chris Capre’s current live open price action and ichimoku trades: USDJPY, AUDCAD, SLV, AUS200
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AUDNZD – Big Winner vs NZD 50bps Rate Cut, Staying Long (1hr chart)
Price Action Context
While MT in a bear trend, ST the AUDNZD is a in a bull trend after bouncing off the key support near 1.0298, and then sky-rocketing after the surprise RBNZ 50bps cut. Notice the breakout pullback setup off of the prior ST highs near 1.0453 as the level held perfectly and has produced a decent bounce thus far.
Trending Analysis
ST I’m staying bullish and am expecting a move north to pass 1.06+. Traders not already long should look for pullbacks towards support for potential buying opportunities.
Key Support & Resistance Levels
R: 1.0545, 1.0615
S: 1.0454, 1.03
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