AUDNZD TECHNICAL ANALYSIS ON H1 TIMEFRAME:
Since Australia and Newsland are not only close business partners,but also geographically close,So these two countries’ pairs have close correlations with each other.
Therefore with trading AUDNZD we can hedge against many economic headwinds that we saw last week.
In the above chart(AUDNZD H1) we can see the price has been in an uptrend since August.but there has been some volatility in the market during the last sessions.
The price has retested the broken upward trendline(the support that has turned into a resistence now).additionally,Stochastic indicator is signaling overbought.
If the price fall more,it will be a good opportunity to sell the pair.
Note that this week is a volatile and busy week for Aussie dollar.