Technician
Long

AUDNZD: Short term bias remains positive

FX:AUDNZD   Australian Dollar/New Zealand Dollar
389 2 6
AUDNZD             could be in the process of bottoming, as price is trading sideways for now, breaking an inverted head and shoulders pattern indicating we may see a retest of the main resistance for the sideways range at 1.0914 to 1.0946. However for a bottom to be confirmed a break above 1.0946 is required.

A break back below the neckline of the IHS             at 1.0725 will probably signal renewed downside pressure and more downside to 1.0615 next support.

Bottom line: Short term bullish towards 1.0915 as long as above 1.0725. A break below 1.725 flips the short term bias to the downside targeting 1.0615.
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AshleyWeyers
2 years ago
snapshot


I agree Technician.

1.0915 coincides with the .382 retracement from the previous swing high.

There is bearish divergence on RSI
Reply
AshleyWeyers AshleyWeyers
2 years ago
Testing that level will be key to future price action
Reply
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