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Technical analysis of AUD/NZD for June 12, 2017

The AUD/NZD forex trading pair continues to fall from the level of 1.1000 in the long term. It should be noted that the support is established at the level of 1.0400 on the daily chart. On the 06.07.2017 price just found a new old channel resistance formed with a 8 EMA line resistance at the psychological number 1.0500. We can see a nice daily gartley pattern. We are looking for a Price Action candle at the demand zone 1.0360-1.0330. My advice is to watch for potential buying forex trading  opportunities from the demand level.

As long as support at 1.0250 will hold the price, we will try to entry into long/ buy forex trading position.

Strategy : BUY, Stop Loss: 1.0230, Take Profit: 1.07500
Forex pair AUD/NZD Resistance levels:

R1: 1.0600

R2: 1.0750

R3: 1.1000

Forex pair AUD/NZD Support levels:

S1: 1.0400

S2: 1.0300

S3: 1.0250

Forex trading Fundamental outlook:

The Westpac Consumer Confidence 02:30 GMT+1
The Gross Domestic Product 00:45 GMT+1
The weekly Commitments of Traders  21:30
Trading recommendations for today: watch for potential buying opportunities.

Performed by

analytical expert: Urban Štamcar

Published: 12 Jun 2017, 18:50 GMT +1