AUD/NZD Potential Downward Movement

AUD/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.03479, 1.04531, 1.05000.

Key Support Levels: 1.02905, 1.02251, 1.00458.

Daily Chart:

The price on the higher time frame is in a clear downward movement where the price recently retrace to a strong daily resistance level around the 1.03479 NZD. Sell pressure could be seen by the recent candlestick with long wick to the upside. Further downside is expected in the coming hours toward the next key support level.

AUD/NZD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the coin succeeded to break the wedge pattern to the downside with the help of the sellers found around the 50 % Fibonacci retracement level. a higher correction could be seen to the highlighted zone before a new wave to the downside toward the target profit.

Signal Idea:

Sell Limit Order @ 1.03266

TP 1 @ 1.02917

TP 2 @ 1.02251

Stop Loss @ 1.03400

Trade Safely 🙂