AUD/NZD Potential Downward Movement

AUD/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.05481, 1.04861, 1.04577

Key Support Levels: 1.06004, 1.06590, 1.07071

Daily Chart:

The price on the higher time frame is posting lower lows and highs which shows that we are in a clear downward movement. Recently, the pair succeeded to break a major key support around the 1.06004 USD mark which could lead to a further movement to the downside.

AUD/NZD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the bearish flag formation to the downside after finding sellers around the 61.80% Fibonacci retracement level. We are expecting a higher correction to the highlighted zone before a new impulsive wave to the downside.

Signal Idea:

Sell Limit Order @ 1.05749

TP 1 @ 1.05488

TP 2 @ 1.04861

Stop Loss @ 1.05878

Trade Safely 🙂