AUDNZD - Stands at a major resistance level...
We do stand at a very important area around the major weekly resistance level 1.08280. The question is will we continue up, move sideways, or start to turn down from here...??
It seems unlikely that we will continue up from here without a fight!
To continue we need a close on Friday above the weekly resistance around 1.08394, and then there is the risk for a sharp move down to retest the new weekly support down around 1.07759, which hasn't happened yet! - So I need to pay attention to that pitfall!
A close Friday between the two weekly resistance levels 1.08280 & 1.08394, could imply that we will start to go sideways, or make a false move to either side...
A close Friday Below the weekly resistance around 1.08280 could imply that we have a high in place for now. To confirm at least a short term high, we need a close below the daily support trendline around 1.08070 (21.01.21)
It seems unlikely that we will continue up from here without a fight!
To continue we need a close on Friday above the weekly resistance around 1.08394, and then there is the risk for a sharp move down to retest the new weekly support down around 1.07759, which hasn't happened yet! - So I need to pay attention to that pitfall!
A close Friday between the two weekly resistance levels 1.08280 & 1.08394, could imply that we will start to go sideways, or make a false move to either side...
A close Friday Below the weekly resistance around 1.08280 could imply that we have a high in place for now. To confirm at least a short term high, we need a close below the daily support trendline around 1.08070 (21.01.21)
And we have reached the target around the weekly support 1.07759.
Because we closed just above the daily support 1.08070, i see two options.
We either get a strong bounce back up to the major weekly resistance around 1.08280.
Or we will start to go sideways around the weekly support 1.07759.