Home Technical Analysis Three reasons why AUDNZD is bearish!

Three reasons why AUDNZD is bearish!

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The AUDNZD pair has been able to breach through the horizontal support of a bearish pattern over four-hour interval, which is the first negative sign that may push the pair to the downside.

AUDNZD-FXCOMMENT-01

Having a look at the chart below, we easily can notice that prices have plummeted below 23.6% Fibonacci retracement of the entire upside wave from 1.0365 to 1.0889 and this is the second technical factor that argues us to bear bearish on the AUDNZD pair.

AUDNZD-FXCOMMENT 02

Additionally, technical indicators (Bollinger bands and Vortex) are negative.

In result, we suggest potential downside movements, chiefly targeting 1.0590 as far as 1.0750 holds.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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