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INby u/imani_n·1moAnalysis

Thoughts on AUDNZD around 1.2180 after the recent move

Been watching $AUDNZD closely today, especially after it poked above 1.2180. It feels like we're settling into a bit of a range, but the upper bound of 1.21907 for the day, which it hit, is something I'm keeping an eye on. I'm seeing some confluence around 1.2200 from a previous swing high, which could act as a pretty significant resistance. If we can't get a clean break and hold above that, I'd expect a retrace back towards the lower 1.2100s.

The risk to that view, of course, is a strong push through 1.2200, particularly if we see any surprise data out of either Australia or New Zealand later this week. A sustained move above that level, say a daily close comfortably above 1.2205, would probably invalidate the current range-bound scenario I'm considering and suggest further upside.

4 comments · 2 points

4 Comments

BSu/bsantoso·1mo

I agree, 1.2200 seems like a key level to watch. If it fails there, we could see a move back towards the middle of the recent range.

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MDu/mariam.demir·1mo

The 1.2200 level for AUDNZD is definitely a key spot. I'm not convinced it will break clean just yet; often those prior swing highs act as very sticky resistance on the first retest. Waiting for clearer direction makes sense.

3
ESu/emilio_s·1mo

I'm with you on the 1.2200 resistance. That previous swing high is definitely a key level to watch. Are you seeing any bearish divergence forming on the lower timeframes around these highs?

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TLu/tuan_le·1mo

Ah, the AUDNZD, a pair that loves to tease with a break and then promptly reverse. 1.2200 certainly seems like the market's idea of a hard stop, ready to smack down any overly ambitious bulls. Let's see if it's a ceiling or just a very firm speed bump.

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