AUDNZD TECHNICAL ANALYSIS ON DAILY AND H4 TIMEFRAME
Publish Date : 2019/09/27 - 07:03

AUDNZD TECHNICAL ANALYSIS ON DAILY AND H4 TIMEFRAME


AUD/NZD has broken out of its latest channel, although the downside break is yet to compel. Wednesday’s bullish hammer respected support around 1.0700 and spoiled the potential double top pattern previously highlighted. Still, yesterday’s bearish candle spanned most of the hammer’s range and closed near the lows, so bulls are not out of the woods yet. That said, we note a potential bullish wedge forming on the four-hour chart with a small bullish divergence, so 1.0700 appears to be a key level going forward for bulls and bears.

  • Bears could wait for a break below 1.7000 before considering shorts, with the lows around 1.0631/38 as a target
  • Bulls could wait for a breakout from the wedge on the four-hour chart, using Thursday’s high as a initial target (the base of the wedge), followed by 1.0800 and the 1.0840 high.

Souce:forex.com



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