AUD NZD: Slight move down, then turning to positive upside.
I noticed on the Daily chart for AUD NZD that all of the recent Daily candles had high and protruding wicks extending out of the top of body. So, I thought a bearish move might be on the cards.
After checking the weekly and 4hr timeframes, in the 4HR price is moving in a giant triangle and price is getting close to the bottom of the triangle. So either of 2 things can occur.
1. Price will drive through the bottom of this 4hr triangle.
2. Price will simply reverse upwards at the bottom of the triangle support.
Due to the indicating oscillators pointing to at least a short term reversal, I see price turning around for at least a short term upside move.
Certainly, the AUD is a stronger currency at the moment and probably one of the last counties to move on cutting interest rates, so I am not sure I would be shorting the AUD at the moment.