AUDNZD has reached a key long term resistance level, which you can clearly spot if you zoom out to the weekly chart. The price has shown signs of hesitation and a bearish shooting star candle at that level, and also around the 1.271 extension for the latest major bearish wave as spotted on chart. A slight bearish divergence is also seen on RSI momentum.
Accordingly, I am expecting a downside correction and a retest of 1.1050 broken resistance level, which should turn to a support now, a break with clear multiple day of closing above 1.1210 would negate the bearish correctional setup.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
Accordingly, I am expecting a downside correction and a retest of 1.1050 broken resistance level, which should turn to a support now, a break with clear multiple day of closing above 1.1210 would negate the bearish correctional setup.
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
