InstaForex - Analytics

    InstaForex

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    AUD/NZD trading recommendation for 9th June 2016 2016-06-09

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    We can see here the AUD/NZD (daily chart) major support since March 2014 at 1.0500. This graphical support is also a fibonacci retracement level and a fibonacci projection level (1.0490). The RSI is also on a major support level.

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    Our strategy for this week is a bounce above this key level on AUD/NZD for a rise to at least 1.0595 (fibonacci retracement level) with the RSI in a strong oversold region.

    Trading recommendation:

    Buy now

    Stop loss at 1.0425

    Take profit at 1.0595


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