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AUD/NZD Potential Downward Movement

AUD/NZD Long-Term Trend: Bearish

Key Resistance Levels: 1.0751, 1.0770, 1.0800

Key Support Levels: 1.0720, 1.0705, 1.0700          

Daily Chart:

The price on the higher time frame failed to break the daily resistance around the 1.0810 USD mark which led to a reversal. The trend now is to the downside, where it managed to break several supports. We are expecting further movement to the downside in the coming hours.

AUD/NZD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame the pair is traded inside a descending channel formation. A higher correction has been posted to the strong resistance around the 1.0751 USD level. The market tumbled and continued its move downward. We expect a smaller pullback to the upside before a huge selloff.

Signal Idea:

Sell Limit Order @ 1.0737

TP 1 @ 1.0721

TP 2 @ 1.0705

Stop Loss @ 1.0745

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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