The bullish pressures got really tensed since yesterday’s trading session whereas in today’s session the pair retraced to the downside from the 1.0836 level.
The buyers took absolute control over the pair and managed to lead it from as low as 1.0662 to as high as 1.0836. This was indeed an astonishing movement, with big gains for the bulls and huge losses for the bears.
Alternatively, the sellers managed to cover up some loses by making some profits with a downside retracement from 1.0836 to 1.0766.
Probable Scenario
Following today’s stabilization above the 1.0692 level, the buyers could likely exert a further bullish momentum to lead the pair even higher.
Stochastic oscillators’ cross below the 20 level is a good indication that the bullish retracement may have greater chances to re-occur.
In the scenario where the price appreciates, the buyers could set their take profit targets at 1.0836 and 1.0976 respectively.
Alternative Scenario
In contrast, a bearish break-out at the 1.0662 zone could signal that the sellers may exert greater pressures to force the pair to lower zones such as the 1.0604and 1.0506.
Today’s Major Announcements
- There are no any major announcements either on the Australian dollar or the New Zealand dollar
Synopsis
- Probable trend (Bullish):1.0692
- Bullish take profit targets: 1.0836, 1.0976
- Stop loss target: 1.0662
- Alternative trend (Bearish): 1.0662
- Bearish take profit target: 1.0604, 1.0506