Overall Analysis
- The Australian Dollar/US Dollar has currently in a selling trend for a long, following a channel-based moment.
- The Australian Dollar/New Zealand Dollar is also under selling pressure and is currently on a sensitive level.
AUD/USD Chart Analysis
AUD/USD 15-Minute Chart (Source: TradingView)
On the 29th Oct 2024 price continues following the selling trend, respecting both the support and resistance area as marked on the chart.
Trading opportunity triggers best when prices go in a channel. You can plan multiple safe entries with a small stop loss in such a situation, while the RSI supports the trend. Whenever the price goes near the 64 RSI level, chart prices take rejection from the resistance trendline.
If talking about the selling entry trigger in the current situation, then we can see currently, RSI and chart are following historic data. Entry can be planned in two ways.
- If the price returns to the resistance area and rejects it, you can open a selling position targeting 0.65770, 0.65114, or the supporting trendline, with a stop loss set at 0.65818.
- The second entry can be a bit risky but can result in high returns. Using the trailing stop loss method is very important. If the price doesn’t touch the resistance area and drops below the 0.65370 level, then plan an entry targeting 0.65114 or the supporting trendline. Please note: if price successfully breaks the supporting trendline and crosses the 0.65114 level, then huge selling might trigger.
AUD/NZD Chart Analysis
AUD/NZD 15-Minute Chart (Source: TradingView)
On 29th Oct 2024, prices moved sideways, following the resistance trendline while taking support from the supporting trendline.
On 30th Oct 2024 current market condition, we can see price has broken the supporting trendline and a major level of 1.09794, which is a major support level.
You can open a selling position at the current level since prices have successfully broken the 1.09746 level and continue moving downwards. Safe traders can make an entry when the price again takes rejection from the 1.0962 level for the targets of 1.90613 and 1.09379, with 1.09871 as the target.
The post AUD/USD and AUD/NZD Analysis: Key Levels to Watch appeared first on FinanceBrokerage.
