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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Best Forex Pairs for Scalping
"Sounds scary!" — someone may say about the word "scalping." But nothing to worry about. It is a trading strategy, and we'll tell you about it in this article!
Read more
Best Currency Pairs to Trade at Night
The Forex market works 24/5. If it never sleeps, does it have any special features during the nighttime? Yes. In this article, we explain trading nightlife and show the best currency pairs for this time. You will learn what subtleties exist in night trading and what you need to be prepared for.
Read more
The Best Forex Pairs To Trade In Malaysia
The increasing market volatility every day due to instability in the economic and political spheres is an alarming sign for many entrepreneurs. However, for a trader, price fluctuations mean a constant opportunity to earn money. Now is the best time to trade Forex in Malaysia, so find out what to look for when starting your investment career and how to choose the best trading symbols!
Read more