AUDNZD Analysis 05/07/2023
AUSTRALIAN DOLLAR / NEW ZELAND DOLLAR H4 Time Frame
Major Trend = Downtrend
Minor Trend = Downtrend
Nearest Support Area = 1.06230-1.06560
Nearest Resistance Area = 1.07735-1.08115
Overall Bias = Short
Short Term Target = 1.07735-1.08115
Ideal Target = 1.04700-1.05135
Invalidation Level = 1.08350
Notes :
AUDNZD closed quite strong this week with price rebounding from its major support zone. Though Overall AUDNZD is still in a downtrend with price making consistent Lower Highs & Lower Lows combined with price still trading below its EMA's.
Our 1st Main And "Ideal" Scenario is the black paths where price will continue its rebound in the short term retesting its major resistance before continuing lower and even possibly breaking below its major resistance zone. This scenario will still be valid as long as price stays below 1.08350.
The 2nd "Worst Case" Scenario is the red paths where price could make a new Higher Low and break above its major resistance zone making a new short term upwards trend that could carry price to 1.09130-1.09510.
Major Trend = Downtrend
Minor Trend = Downtrend
Nearest Support Area = 1.06230-1.06560
Nearest Resistance Area = 1.07735-1.08115
Overall Bias = Short
Short Term Target = 1.07735-1.08115
Ideal Target = 1.04700-1.05135
Invalidation Level = 1.08350
Notes :
AUDNZD closed quite strong this week with price rebounding from its major support zone. Though Overall AUDNZD is still in a downtrend with price making consistent Lower Highs & Lower Lows combined with price still trading below its EMA's.
Our 1st Main And "Ideal" Scenario is the black paths where price will continue its rebound in the short term retesting its major resistance before continuing lower and even possibly breaking below its major resistance zone. This scenario will still be valid as long as price stays below 1.08350.
The 2nd "Worst Case" Scenario is the red paths where price could make a new Higher Low and break above its major resistance zone making a new short term upwards trend that could carry price to 1.09130-1.09510.
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