AUDNZD - 07.01.19

An interesting trade which is currently forming in my opinion is LONG AUD/NZD.

The pair has been on a bearish trend since August 2018 and since December it has been trading in a lateral range once it hit and important support level at around 1.04.

What strike me most however was that on the 3rd of Jan 19, the price went further down to 1.00 during day trading, which turns out to be the low of April 2015 but immediately went back to the previous range (1.04) (see below chart).

This has surely provided us with assurance that volatility is back on the rise and this can also be confirmed by the strong ATR movement.

I personally think that going LONG the pair is a very good opportunity right now and although we might have a couple of more days with lateral movements, it is not a train worth missing.

 

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