AUD/NZD – Potential Reversal
|If we look at the 1-hour chart of AUDNZD, we can see the precise formation of an evening star chart pattern which occurred at the end of Friday's session. This pattern suggests we could likely see a reversal. However, if we look at Tenkan Sen, we can see that it is flat showing no immediate directional bias. The last 1-hour candle of Friday's session failed to break through Tenkan Sen, which provided support to the price. Kijun Sen is also flat, suggesting no direction bias in the medium term. Additionally, Senkou Span A and Senkou Span B are also flat. It is more likely that we will see some consolidation price action before we see any move downwards.
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