AUD/NZD Long-Term Trend: Bearish
Key Resistance Levels: 1.0751, 1.0770, 1.0800
Key Support Levels: 1.0720, 1.0705, 1.0700
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
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.
Sell Limit Order @ 1.0737
TP 1 @ 1.0721
TP 2 @ 1.0705
Stop Loss @ 1.0745
Trade Safely 🙂