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hello traders,
The AUDNZD has opened the US trading session this morning moving inside of a 35 pip range. Volatility has remained low due to the RBA rate decision being released in line with expectations at 2.50%. Price has moved across the range twice so far, and the pair is currently sitting near range support found at the S3 pivot at 1.1226. In the event that price remains supported, reversal traders can again begin to target lines of resistance. Today’s R3 pivot completes the range identified above, and can be found at a price of 1.1261.
There is more news on the horizon, with the release of the NZD employment data at 21:45 GMT. If volatility increases, traders can prepare for a breakout. A price break above 1.1278 would be a bullish move above the R4 pivot, signaling a return to the pairs standing trend. Likewise a reversal in price, under the S4 support pivot at 1.1208, would show a reversal towards continued bearish momentum. In either breakout scenario, the range would be considered concluded and traders can begin to identify positioning based off of the markets given direction.
with regards,
khan 123
The AUDNZD has opened the US trading session this morning moving inside of a 35 pip range. Volatility has remained low due to the RBA rate decision being released in line with expectations at 2.50%. Price has moved across the range twice so far, and the pair is currently sitting near range support found at the S3 pivot at 1.1226. In the event that price remains supported, reversal traders can again begin to target lines of resistance. Today’s R3 pivot completes the range identified above, and can be found at a price of 1.1261.
There is more news on the horizon, with the release of the NZD employment data at 21:45 GMT. If volatility increases, traders can prepare for a breakout. A price break above 1.1278 would be a bullish move above the R4 pivot, signaling a return to the pairs standing trend. Likewise a reversal in price, under the S4 support pivot at 1.1208, would show a reversal towards continued bearish momentum. In either breakout scenario, the range would be considered concluded and traders can begin to identify positioning based off of the markets given direction.
with regards,
khan 123
