AUD/NZD Price Prediction: Three Black Crows reversal pattern a bearish omen

AUD/NZD has confirmed a bearish reversal pattern after peaking in late November.
The MACD has crossed below its signal line providing a sell signal.

Joaquin Monfort FXStreet

AUD/NZD has completed a Three Black Crows candlestick pattern (red rectangle on chart) after peaking at the November 25 multi-month high.

AUD/NZD Daily Chart

The Three Black Crows is a Japanese candlestick pattern which occurs after a market peak, when three red down days occur consecutively. Such a pattern indicates the odds favor AUD/NZD moving to lower lows.

The (blue) Moving Average Convergence Divergence (MACD) has crossed below its red signal line, giving a sell signal and reinforcing the bearish candlestick pattern.

Support lies first at the 200-day Simple Moving Average (SMA) at 1.9029 and then at the trendline for the broader uptrend at around 1.0900.

A break below the low of the Three Black Crows at 1.0992 would confirm a continuation to the above-mentioned targets.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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