We had given a sell call on the currency pair previously as there was a head and shoulder pattern formed and the target was met. After the target was met there was some buying seen in the currency pair but the buyers were not able to hold it higher and the seller came back in the market and pushed the price down again from where the pair previously changed the trend. This suggests that ahead this level is going to act as a strong support in the market.

We are advising to buy at current rate with a SL of 1.03 for a TP 0f 1.06-1.08

The RSI is showing strength in the upmove, The MACD on the other hand is expected to cross, the difference between the MACD line and the Signal Line its reducing on a continue basis which is indicating that the crossover is nearby.

Once the DMI+ crosses above 29 we will see the direction on the upside and if the ADX on the other hand stays above DMI- we will get a strong confirmation on the buy side.

Once the pair close above the EMA we will get another confirmation on the buy side.

AUD/NZD

Nov 15 2021