Here's What We're Looking For Leading Up To Christmas
AUDUSD to rally, NZDJPY to rally, and GBPUSD to rally. Find out why in the article.
AUDUSD bounced from the support zone we outlined yesterday, and we're looking for price to break the recent highs and continue to the upside into the 61.8% fibonacci extension level.
One the 1H chart we can see that price has broken to the upside of the corrective flag pattern, and we're targeting upside to the fibo extension. The fibo extension level also correlates with the significant 0.7300 price level.
Price has stabilised at a historical support / resistance zone around the 76.00 price. We're now looking for upside, as NZDJPY has a bullish seasonal tendency at the end of year.
On the 1H chart price has broken to the upside of a wedge pattern, which is a bullish confluence. Price is now approaching a resistance structure, and if price is able to break above this structure our bullish bias will be confirmed.
Price is currently ranging, and we are looking for price to break out of this range to confirm a direction bias. Our bias is for upside, however we will wait for price action to confirm.