The AUD/NZD is in uptrend. Bullish head and shoulders pattern marks a potential continuation to the upside.
1.0700-20 zone is showing buyers and a “slingshot” trade. The market is above the middle Bollinger Band (daily BB) and its gaining momentum to the upside. We should see a bounce off the zone and a potential move to 1.0759 and 1.0771. Above 1.0771, 1.0804 is the target. If W L3 holds, this scenario is likely to happen.
The Analysis has been done with the CAMMACD.Core and Sit Systems
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This article was originally posted on FX Empire
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