Short term pullback on AUDNZD, long term bullAs seen on the charts, on the short term (1D), it seems like AUDNZD is going to have a drawback, but on the long term (1W) chart, it looks like AUDNZD is going to continue the trend that has been developing for a while now - I don't see a reason to why it would break that trend.
Aud-nzd
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AUD/NZDTF: Day
Another interesting setup. Some bullish divergence is forming on the stochastic and RSI while price action has been trading/consolidating from around December 10, 2019 to today.
However, something to note is that price is trading near the bottom of a broadening wedge that price has been trading in since December 2018.
Something I am keeping my eye on over the next few months
AUDNZD LONG POSITION 2:1AUDNZD Recently broke out of a channel that was moving for a very very long period. Now that it broke, price is coming towards a long term support zone in which it is being rejected so we are granted with a 2:1 RR position.
I personally still think there could be some more downward pressure so remember, react and not predict.
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Nube#27AUDNZD sell@1.03826
SL@1.03962
TP@1.0321
Looking forward to some bearish movement on Aussie-Kiwi for the rest of the month.
Q3-2019 has established a pretty significant downtrend on this pair, which does not show signs of weakening.
Taking advantage of the ~1% bullish impulse of the last weeks, we have some space to look forward to cover by selling, until retest of the lows, hoping that the overall bearish trend resumes.
If the trade is activated, it should start to be managed from the 0.618 blue level, maybe protecting the trade from losses.
0.786 purple line could be a nice place to look for partial or total close.