FxWirePro: AUD/NZD bulls take channel line support to bounce above DMAs amid non-directional major trend – Trade via “Debit Call Spread Binaries”

In the intraday rallies, AUDNZD surpasses major bullish focal points ever since it has taken supports at channel supports (see intraday 1H charts).

One can easily observe the prices have either been bouncing or correcting its price losses as and when it approaches channel supports or resistances, likewise, bulls began pushing hard vigorously from the lows of 1.0423 to the current 1.0482 levels.

In between, it has cleared some important resistances at 1.0434 and 1.0452 levels to bounce above DMAs.

The leading oscillators have reached overbought zones but signs any selling pressures, RSI evidences the positive convergence with the every price bounces that signifies the strength in bullish momentum, (currently, RSI trending at 76.1052).

While there is no trace of selling indications even if stochastic curve reaches above 80 levels which is overbought zone. %K crossover even above 80s would mean that bulls seem to be in total control over rallies in order to bounce above current levels.

Both technical and fundamental indicators are signalling buying sentiments.

On the contrary, the monthly chart has been quite puzzling and looks absolutely non-directional from last two years.

Although it has slid below EMA curves but RBNZ's any surprising rate cuts may take the pair into the adverse direction. Bulls run may prolong in the short term but long term we seek proper clarity in this short term bull trend.

More importantly, daily prices have spiked well above 7 & 21DMA curves that would mean that the upswings may extend further.

However, long-term investors may have to wait for better clarity as you can see the stiff resistance at 1.12 and 1.1416 levels on monthly charts.

As and when it hits these levels prices began tumbling with massive volumes evidences supply zone is intensive at this juncture.

Well, having said that we wrap up with a concluding note, short-term bulls can speculate this pair with bullish binary options strategies.

The bull call spreads are the most common examples of moderately bullish strategies. Mildly bullish trading strategies are options strategies that make money as long as the underlying asset price does not go down by the option’s expiration. These strategies may provide a small downside protection as well.