Retest of "Mirror Resistance" on AUD/NZD

Retest of Mirror Resistance on AUD/NZD

The AUD/NZD currency pair has become stable after prolonged growth. At the moment, there is no defined trend. The current technical pattern signals a possible correction of quotes. The AUD/NZD currency pair is testing the "mirror" resistance zone of 1.0530-1.0550. The nearest support is at the level of 1.0510. We recommend paying attention to this situation.

If the price fixes below 1.0510, AUD/NZD quotes are expected to correct. The nearest goal for profit-taking is 1.0480-1.0450. The movement is tending to 1.0410-1.0375. Confirmations and market entry points should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustForex 2020.04.21

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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