Is AUDNZD due for a reversal?
AUDNZD as shown on the 15- minute chart is rising after the Australian central bank raised its
prime rate in keeping up with another global tightening. Since May 24th AUDNZD has risen 4%
in various legs with some consolidation but no downturns. ADUNZD may be due for a correction.
IT is shown here on the 15-minute chart along with the "Alpha Trend" indicator, the zero lag
MACD indicator and the visible range volume profile. AUDNZD is above the POC line
showing bullish buying pressure to have pushed it higher. However, on the MACD, the K/ D lines
are setting up a cross over the histogram which typically is a sell signal. AUDNZED may hae
had a decent trend up but could now be getting ready for a "reversion to the mean"
Because of this I will watch AUDNZD as a candidate for a short trade perhaps with a
retracement of 2% ( 1/2 of the trend up) over a period of several days.
prime rate in keeping up with another global tightening. Since May 24th AUDNZD has risen 4%
in various legs with some consolidation but no downturns. ADUNZD may be due for a correction.
IT is shown here on the 15-minute chart along with the "Alpha Trend" indicator, the zero lag
MACD indicator and the visible range volume profile. AUDNZD is above the POC line
showing bullish buying pressure to have pushed it higher. However, on the MACD, the K/ D lines
are setting up a cross over the histogram which typically is a sell signal. AUDNZED may hae
had a decent trend up but could now be getting ready for a "reversion to the mean"
Because of this I will watch AUDNZD as a candidate for a short trade perhaps with a
retracement of 2% ( 1/2 of the trend up) over a period of several days.