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AUDNZD is testing the 23.6% Fibonacci level

Thursday, February 28, 2019 3:00 PM GMT

Today’s agenda includes major news such as Australian AiG Performance of Mfg Index (Previous: 52.5). On the other side, news such as New Zealand’s Building Permits s.a. (Previous: 5.1%) and New Zealand’s Terms of Trade Index (Q4) (Previous: -0.3%, Forecast: 0.1%).

Reviewing the daily technical aspect, AUDNZD hit the trendline (T2) earlier in the day and retraced back, towards Daily (PP). Currently, it is testing the 23.6% Fibonacci resistance level, which comes in confluence with the Daily (R1).


Overall, the setup indicates a potential reversal towards Daily (S2). Then, the Bulls may take the control of the pair pushing it towards 1.048 level.

On the other hand, if price violates the trendline (T1) to the downside, then the setup may offer a selling opportunity.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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