Daily Forex Update: AUD/NZD

By: Dima Chernovolov

AUD/NZD continues to fall in the direction of the Key Support level 1.0621 (of the type Approach) which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this key level at the 4 bar level – which is the result of the 4 recent price reversals from this support level. AUD/NZD is expected to reach this key support level in the nearest time.  

As can be seen from the daily AUD/NZD chart below, the pair earlier reversed down sharply from the resistance area located between the long-term resistance level 1.0740 (which reversed the pair numerous times from last July) and the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Japanese candlestick reversal pattern Evening Star. Given the overbought reading on the daily Stochastic indicator, AUD/NZD is likely to soon reach the aforementioned Key Support level 1.0621.

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