AUDNZD Daily
There are likely a number of large stops sitting above the 1:1 (White) that capped the market back on the 04/06/14. A solid break and close above this level will see the momentum on the topside pick up with the next major resistance not until the 38.2 fib at 1.13345, however if the bulls can not push the market above this level that will leave a double top in place which could see the bears push for stops below 1.05000.
AUDNZD H1
Smart money bought the recent 1:1 (Yellow) dip and 23.6 fib that coincided at 1.09600 with the market now 50 odd pips above this level. The level to watch now is the 1:1 (Purple) at 1.0070 if this level can attract solid buying interest stops above the 1:1 (White) will likely be tested, however a break below this level could see momentum pick up on the downside as the current trend would overbalance and a double top would look more likely.
The post Large stops above 1.10500 in AUDNZD appeared first on www.forextell.com.