Traders Beware!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Charalambos Pissouros

Will AUD/NZD Go for a Higher High?

AUD/NZD has been in a rally mode since yesterday, when it hit support near the 1.0670 barrier, thereby allowing us to draw a tentative upside support line from the low of July 10th. With that in mind, and also considering that the rate is also trading above all three of our moving averages on the 4-hour chart, we would consider the near-term outlook to be positive for now.

However, in order to get confident on larger bullish extensions, we would like to see the rate emerging above the 1.0755 barrier, which is defined as a resistance by the highs of June 24th and July 21st. Such a move would confirm a forthcoming higher high and may initially pave the way towards the 1.0790 area, marked by the high of June 4th. Another break, above 1.0790, may encourage the bulls to push the action towards the 1.0815 obstacle, which is near the high of June 1st.

Shifting attention to our short-term oscillators, we see that the RSI stands above 50, points up, and looks to be heading towards the 70 line. The MACD lies above both its zero and trigger lines, pointing north as well. Both indicators detect upside speed and support the notion for some further near-term advances in this exchange rate.

In order to abandon the bullish case and start examining whether the bears have gained the upper hand, we would like to see a decisive dip below 1.0670. The pair would already be below the aforementioned upside support line and thus, the bears may dive towards the 1.0645 zone, near the low of July 15th, the break of which may allow more declines, perhaps towards the 1.0623 area, marked by the inside swing high of July 13th.

AUD/NZD 4-hour chart technical analysis


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

Copyright 2020 JFD Group Ltd.