🦘The Australian currency has begun to weaken sharply against the New Zealand dollar over the past month.
🦘The extent of the weakening since the peak has already been over 4%
🦘Friday's session did not leave a dry eye on the pair either.
🦘The weakening of the Australian currency is probably dictated by the interest rate differential which in Australia is 2.6% and in New Zealand 3.5%, almost 1% more.
🦘In my opinion, looking at the dynamics of the movement and the closing of the candle at new lows
🦘It is very likely that we will continue the downward trend on this pair on Monday.
🦘Bearing in mind that we have already made a sizable correction bouncing off the 0.382 level of the last major upward wave.
🦘As far as I can see from the levels, the road to the cluster of levels 0.382 of the largest upward wave and 0.5 of the more recent upward wave and the outer measure of the largest correction in the current downtrend at 1.618 is wide open.
🦘The zone has been respected by the price many times in the past.
🦘But I would stress that this is a long-term perspective.
🦘A more local level I would look for in the outer range of the wave of the last upward correction at the level of 1.272 of this wave.
🦘This is the 1.098 level which is a round price level.
🦘 A move to this level opening positions at current prices would be as follows.
🦘Stop order slightly above the 0.786 level. Take profit at 1.0979 level.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀