HomeForex MarketForeign exchange Watchlist: AUD/NZD Triangle Breakdown and Retest

Foreign exchange Watchlist: AUD/NZD Triangle Breakdown and Retest

Missed the triangle breakout on this one? Don’t fret!

You may nonetheless have an opportunity to catch the selloff on this fast retest.

AUD/NZD 1-hour Foreign exchange Chart

In case you missed it, this pair fell via its descending triangle assist not too long ago, indicating {that a} downtrend is within the playing cards.

Worth is in the midst of a correction to the previous assist, although, so extra Aussie bears may seize this chance to quick.

Specifically, AUD/NZD is testing the resistance on the 38.2% Fibonacci retracement stage that’s proper smack in step with the damaged triangle backside and 200 SMA dynamic inflection level.

A bigger pullback may nonetheless attain the 50% Fib close to the 1.1000 main psychological mark or the 61.8% Fib nearer to the triangle prime.

Technical indicators level to a continuation of the slide, because the 100 SMA is beneath the 200 SMA whereas Stochastic is heading south.

In that case, AUD/NZD is perhaps in for a drop that’s the identical peak because the triangle or roughly 125 pips!

There’s not a lot in the way in which of top-tier stories from each Australia and New Zealand at present, so that you gotta maintain shut tabs on headlines that would drive market sentiment. Good luck!

This content material is strictly for informational functions solely and doesn’t represent as funding recommendation. Buying and selling any monetary market entails threat. Please learn our Danger Disclosure to be sure you perceive the dangers concerned.

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