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Australian Greenback Forecast Bearish as AUD/NZD Eyes August Lows

Australian Greenback, New Zealand Greenback, AUD/NZD – TALKING POINTS

AUD/NZD draw back breakout under assist with affirmation inviting speedy selloff?Pair’s descent comes after it suffered its greatest one-day decline since February 2017AUD/NZD now eyeing August lows at 1.0542. Bearish bias for the long-term outlook

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The Australian Greenback continues to fall towards its New Zealand counterpart as AUD/NZD confirms a draw back breakout under 1.0607 that has been met with affirmation. The second consecutive day by day shut under the ground might precede a selloff in AUD/NZD till the pair hits assist not reached since August at 1.0542.

AUD/NZD – Every day Chart

Chart showing AUD/NZD

AUD/NZD chart created utilizing TradingView

AUD/NZD’s speedy decline appeared to have been catalyzed by two components. The primary was the pair’s failure to interrupt above the August 2015 descending resistance channel which can be proven within the paragraph under. The second was AUD/NZD’s greatest one-day decline since February 2015 that noticed the pair shut over 1.30 % decrease and under assist at 1.0665. From there, promoting stress ensued and dragged the pair additional down.

Zooming out to a weekly chart reveals that the pair’s large decline earlier this month catalyzed a draw back break under August 2019 uptrend. Nevertheless, the pair’s descent might encounter some friction round 1.0542. A break under this stage might mark a tectonic shift within the pair’s trajectory, or reasonably reinforce the notion that the longer-term outlook for AUD/NZD is significantly extra bearish.

AUD/NZD – Weekly Chart

Chart showing AUD/NZD

AUD/NZD chart created utilizing TradingView

AUSTRALIAN DOLLAR TRADING RESOURCES

— Written by Dimitri Zabelin, Jr Forex Analyst for DailyFX.com

To contact Dimitri, use the feedback part under or @ZabelinDimitrion Twitter


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