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Jan 17

AUDNZD Analysis

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I have made this analysis two days back for AUDNZD (Day chart, see above).

Where we can see

– double bottom

– pin bar reversal

– strong support

Now, it looks like after testing one time it breaks the support and goes down even more. Please see the below today’s chart.

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The AUDNZD is in its all time low price level in the last 20 years! Monthly and weekly chart can confirm this (see below). It may be rational considering the struggling AUD for the last one year (any comments here?).

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Eventually, it leaves a great room to play. Previously, It took around 6 to 18 months  to jump back to the average level. So, if the price bounces back from the bottom support, it could be a long term trade for buy.

I would say, 1.074 level could be the 1st TP, and 1.159 level the 2nd. (Fig below).

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Please share your comments with us.