FX.co ★ AUD/NZD Trading Recommendation for 25th July 2016

AUD/NZD bounced right above our stop loss at 1.0655 and is rising towards our target. This is the updated view; as we can see the first resistance would be at 1.0755 before our target of 1.0800. We keep our stop loss at 1.0655 as it remains the fractal support (fibonacci retracement + graphical overlap), and we can see how the RSI has bounced off really well on our ascending support line.

Trading Recommendations:

Buy and add onto positions now

Stop loss remains at 1.0655

Take profit half at 1.0755

Second take profit at 1.0800