Currency pair analysis: AUD/NZD

AUD/NZD

On the daily timeframe, the bulls are testing the upper border of the descending price channel. A bearish divergence is forming on the Awesome Oscillator.

On the H1 timeframe, we see that the ascending wave patterns are truncated. The Awesome Oscillator shows bearish divergence, while the Stochastic Oscillator signals overbought conditions.

AUD/NZD rate online: monitor the price movement in real time.

Trading idea:

Sell when a descending wave pattern is formed, where the wave (A) breaks the 1.0476 level (pivot 2 of the wave C D1)

Stop Loss: above the local maximum of the truncated ascending pattern.

Target levels: 1.0422; 1.0380; 1.0320.