We are playing a bullish wave 5 rise to 1.0800, which is a fibonacci projection level + fibonacci retracement level. Our stop loss is at 1.0655, which is the first graphical overlap support and also a fibonacci retracement level. It is worth noting that 1.0550 is a major support level on a long-term basis.
The RSI has also made a bullish exit of its descending channel and is returning to pullback support, which supports our view of seeing a bounce on AUD/NZD from here.
Trading Recommendations:
Buy now
Stop loss at 10655
Take profit at 1.0800
The material has been provided by InstaForex Company - www.instaforex.com