I was expecting a bounc from AUDNZD but it seems like it contiunies making lower high and lower lows, and just broked a high Support line. Which can happens it contuines go down to the next support line.
The pair has failed to make a higher highs on the daily. In the 4 hr it closed bearish breaking all the lows from the past 3 days. Giving us signs of a trend reversal. 20 pips on top of previous support (now resistance).
The Aussie dollar registered a triple top from the daily candle domain, opening the Asian market under bears dominance after the RBA reported high unemployment levels and the economy operating below its capacity.
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Royal Bank of New Zealand (Bullish)
The RBNZ, which predicts prices will rise 22% in the year through June,
is reinstating mortgage lending restrictions.
Royal Bank of Australia (Bearish)
- Australia's interest rates will stay low until 'at least 2024', RBA says
- Philip Lowe used a speech to a summit convened by the Australian Financial Review on Wednesday
to...
4HR chart has presented a double top, moving through to the 1hr we have a triple test of the double top with price currently testing the 150EMA, also there the RSI is showing divergence. We could potentially see a move all the way down to 1.06500 over the next week if this analysis plays out.
Right here is the M pattern, double top pattern in play. I expect price to short to 1.05430.
So if price break the support at 1.05430, I expect it to continue to short to 1.04300.
What do you think?
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