AUDNZD entered a period of consolidation as prices fell slightly
AUDNZD entered into a period of consolidation as prices eased in the form of a bull flag pattern. After yesterday’s close, a bullish continuation appears on the cards for the pair despite today’s intraday pullback from the daily high.
A move below 1.0885 suggests a failure of the bullish continuation but as long as prices hold above this marker, the longer-term bullish bias and the prospect of a bullish continuation remains constructive. One thing to keep in mind is the risk of a shorter-term pullback as the RSI approaches overbought once more. Upside target appears at 1.1052 (June 2023 high) and 1.0885 to the downside.
A move below 1.0885 suggests a failure of the bullish continuation but as long as prices hold above this marker, the longer-term bullish bias and the prospect of a bullish continuation remains constructive. One thing to keep in mind is the risk of a shorter-term pullback as the RSI approaches overbought once more. Upside target appears at 1.1052 (June 2023 high) and 1.0885 to the downside.
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