AUD/NZD faces more downside

AUD/NZD faces more downside

Trade idea

SELL 1.0425; TP1 1.0370; TP2 1.0330; TP3 1.0250; SL 1.0455

As the Australian dollar is weakened by the dovish position of the Reserve Bank of Australia, AUD/NZD is making movements to the downside which are hard to ignore.

Let’s start with a bigger timeframe, MN. Here we see that in December the pair broke down out of a triangle within which it had been trading since 2015.

AUDNZZD M.png

In January, there was an abnormal spike down which for some time stopped the pair from the further fall. However, the reprieve was only temporary. We see that AUD/NZD formed a lower high in February and then slid below the former support and now resistance area at 1.0450. The downside targets now lie at the 2017 and 2016 lows.

AUDNZD.png

Similar

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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