We can see here the AUD/NZD (daily chart) major support since March 2014 at 1.0500. This graphical support is also a fibonacci retracement level and a fibonacci projection level (1.0490). The RSI is also on a major support level.
Our strategy for this week is a bounce above this key level on AUD/NZD for a rise to at least 1.0595 (fibonacci retracement level) with the RSI in a strong oversold region.
Trading recommendation:
Buy now
Stop loss at 1.0425
Take profit at 1.0595
The material has been provided by InstaForex Company - www.instaforex.com