AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
AUD/NZD: pull backs could come soon
2019-11-11 • Updated
AUD/NZD has been following a cycle started from the end of June and it’s currently in an extreme zone for bulls, as the price action had reached the area between 1.0619 and 1.0688, which are the Fibonacci expansion zone of 123.6% and 161.8%. Such territory can provide another selling wave for the pair and if that happens, we can expect a decline towards 61.8% at 1.0507.
To invalidate that scenario, the pair should break above 1.0688 in order to test the 1.0700 psychological level. RSI indicator at H4 chart is currently overbought.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.