AUDNZD, could be time to go down.
Updated
AUDNZD has been "buoyant" and in a relatively slow uptrend for a few months now. It's been testing the resistance at 1.08 three times. A rise in commodity prices due to global inflation and the war in Ukraine has in my opinion perpetuated a forced uptrend, despite a hawkish NZ central bank.
Technical indicators are showing an exhausted uptrend and trending down. If the resistance hold, I think we might see a relatively quick correction to at least 1.06 support.
Since the global situation is very uncertain, consider it a high risk trade.
Fundamentals, as said earlier are slightly bullish due to AUD being a commodity linked currency (more than NZD).
I'd sell on the confirmation from MACD turning red.
Technical indicators are showing an exhausted uptrend and trending down. If the resistance hold, I think we might see a relatively quick correction to at least 1.06 support.
Since the global situation is very uncertain, consider it a high risk trade.
Fundamentals, as said earlier are slightly bullish due to AUD being a commodity linked currency (more than NZD).
I'd sell on the confirmation from MACD turning red.
Order cancelled
Looks like this trade is currently being invalidated by a clear break above.
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