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Chart and candlestick patterns formed: The AUDNZD bulls are attempting to make upside traction in both the minor trend and major consolidation phase.
In this process, the minor trend has been spiking through rising channel pattern. As bull-swings test channel support (refer daily plotting), while both momentum and trend indicators have also been indecisive. But for now, you could easily make out bulls testing support at channel baseline.
The current upswings most likely to drag upto next stiff resistance at 1.0960 levels.
The major consolidation phase that has lasted for more than 4 and a half years now stuck in range, both leading oscillators indicate strength in rallies (refer monthly plotting). Overall, some sort of consolidation just above 1.1050 is foreseen, and then a resumption of the multi-month points.
Trade tips:
One-touch call options:Contemplating bullish sentiments in the near-terms, if the prevailing rallies sustain above 1.0922 levels (i.e. 21-DMAs), bulls likely to extend further upto 1.0960 levels on strong support channel baseline. Thus, at spot reference: 1.0928 levels, one-touch option strategy is advocated on intraday trading basis, using upper strikes at 1.0947 levels.
The trading strategy likely to fetch yields that would be exponential than spot trades when the forward FX prices keeps spiking higher upto upper strikes on the expiration.
Short hedge: Alternatively,on hedging grounds, long-term investors are advised to stay short in futures contracts of mid-month tenors. The writers of the futures contract are expected to maintain margins in order to open and maintain a short futures position.
Currency Strength Index: FxWirePro's hourly AUD spot index is inching towards 35 levels (which is bullish), while hourly NZD spot index was at 94 (bullish) while articulating (at 06:53 GMT). For more details on the index, please refer below weblink:
