A Head and Shoulders reversal pattern seems to be taking shape just above the 200-day moving average (1.05300), as price sits precariously above the neckline at the 1.06 handle.
A daily close below the 200-DMA is needed to validate the bearish reversal pattern and may potentially fuel a decline back towards the 61.8% Fibonacci, with an implied move suggesting AUD/NZD may fall as far as the 1.03 handle.
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A daily close below the 200-DMA is needed to validate the bearish reversal pattern and may potentially fuel a decline back towards the 61.8% Fibonacci, with an implied move suggesting AUD/NZD may fall as far as the 1.03 handle.
If you like my job please support me and leave a like and comment. Thank you!