AUDNZD, Daily
The NZD seems to be gaining some more buyers in the last few days with interesting candle patterns displayed in the EUR/NZD (Tweezer Top) and NZDCHF (Tweezer Bottom), but the one that has spiked my interest the most is its near neighbour the AUD.
A Tweezer Top was also formed in the AUDNZD yesterday, as the pair closed back at the extreme of the Bollinger band and supported by the 50 DMA. A break of this 1.0490 level on the 4 hour chart triggered a SHORT position with Target 1 a little over the 14 Day ATR and in line with the 38.2 Fibonacci level from the recent up move at 1.0420 and Target 2 at 1.0275.
The 4 Hour chart shows the turn in the Parabolic SAR yesterday (September 26) and a number of Doji candles suggesting the eight day up move was at least slowing. The 20 period MA on this chart is currently providing support, however the 200 period MA also coincides with Target 1 at 1.0420 and the 38.2 Fibonacci retracement level from the Daily chart.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
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