AUD/NZD: 4-hour
Missed the double top breakdown on AUD/NZD? Don’t fret! You might still have a chance to catch the selloff on a quick pullback, as the pair seems ready to make a correction to the broken neckline support. This lines up with the 38.2% Fibonacci retracement level and is near the 1.1100 major psychological mark, which might hold as a ceiling. For now, stochastic is moving out of the oversold area, suggesting that Aussie bulls are on top of their game and that a larger correction to the higher Fibs might be possible. The 100 SMA, which lines up with the 50% Fib level, is below the 200 SMA, which coincides with the 61.8% Fib and the 1.1200 mark, so the longer-term downtrend might stay intact.
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