Market View and Analysis – AUDNZD

Market View and Analysis – AUDNZD

Today we will be looking at the AUDNZD, the AUD and NZD both strongly affected by commodities and the Chinese economy.

Weekly Overview

We will start on the weekly chart and note that the pair has been in a channel from 2014, from 1.0055 to 1.270. 

We note the break of the 4 year trendline, with a strong weak candle in Week 49 of 2018 and we retested the underside of the trendline in the following weeks, before falling lower. 

We will note the flash crash in the AUD pairs and this let the market fall to around the1.03/1.026 areas which were support from the end of 2016.  

Daily Overview

Moving to the daily chart we see in more detail the break of the long term trendline, we can see when we break a strong trendline we struggle and the first retests was nice before falling and then the flash crash happen, which could have messed up the progression lower as we climbed off that shock and retested the trendline twice with the 38.2% fib level of 1.0622 capping price.

But over the last 5 days we have fallen again to important support of 1.0461, and now we will see what happens around this level. 

4 Hour Overview

As we get to the 4 hour chart we can see the recent fall from the 1.065 area, and we see the pause around the 1.0491 area, with a low of 1.0466 and if this breaks we could see 1.045 and 1.040 open up. 

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Simon Cotterill

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