Tue, Dec 06, 2022 @ 16:34 GMT
HomeContributorsTechnical AnalysisAUDNZD Turning Bearish, More Weakness after Rally

AUDNZD Turning Bearish, More Weakness after Rally

AUDNZD has been trading nicely higher since start of the year and formed a clear bullish impulse. Notice that price also reached the upper trendline of an EW channel which is usually the ending point of a higher degree structure. We talked about this in our past updates and warned about a bearish turning point which is now in full progress and will most likely resume much lower as pair came sharply out of an upward channel. However, nothing moves in a straight line, so ideally wave A is now approaching some support, thus we can see a rally in (B) in the next few weeks.

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