Sachin Kotecha
Sach Capital Limited
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.
Information provided by Sachin Kotecha and/or Sach Capital Limited is for illustrative and educational purposes only and is not considered financial advice. Sach Capital Limited can’t be held liable for your trading losses. Sach Capital Limited does not in any way guarantee that this information is free from mistakes or errors. Trading CFDs, Spread Bets, and Foreign Exchange carries a high level of risk to your capital and may not be suitable for everyone. Ensure you fully understand the risks involved and seek independent advice if necessary.
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