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$AUDNZD pushing up against 1.2160, thoughts on next leg?
Watching $AUDNZD this morning, it's been a pretty consistent push up, now sitting right around 1.2161. Feels like it's challenging that minor resistance that's been in play for the last few days. If it can hold above this level for a bit, I'm curious if we see a test of 1.2200 or even higher.
My concern, and what would invalidate that idea for me, is if it snaps back down through 1.2140 fairly quickly. That would suggest this push up was more of a retest of previous support as new resistance, rather than a genuine breakout attempt. Anyone else watching this pair and have thoughts on what might be next?
3 comments · 1 points
I'd be cautious around 1.2160; there's been decent selling interest there previously. A clear break and retest of that level as support would certainly make 1.2200 more plausible, but a quick rejection could easily see it back to the lower end of the recent range.