15 Feb 2017

AUD/NZD COMING CLOSE TO TEST THE HEAD AND SHOULDERS NECKLINE

AUD/NZD DAILY

The rate has broken the 6-year-long falling trendline resistance and is now climbing higher to test the inverse head and shoulders neckline around 1.1300.

I am looking for an upside break and retest to enter new long positions to potentially target the former major support/new resistance area around 1.2100.

A strong rejection lower from the neckline would indicate further range trading and a possible move to retest the former broken trendline before the next leg higher.



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