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AUD/NZD faces more downside

AUD/NZD faces more downside

Information is not investment advice

Trade idea

SELL 1.0425; TP1 1.0370; TP2 1.0330; TP3 1.0250; SL 1.0455

As the Australian dollar is weakened by the dovish position of the Reserve Bank of Australia, AUD/NZD is making movements to the downside which are hard to ignore.

Let’s start with a bigger timeframe, MN. Here we see that in December the pair broke down out of a triangle within which it had been trading since 2015.

AUDNZZD M.png

In January, there was an abnormal spike down which for some time stopped the pair from the further fall. However, the reprieve was only temporary. We see that AUD/NZD formed a lower high in February and then slid below the former support and now resistance area at 1.0450. The downside targets now lie at the 2017 and 2016 lows.

AUDNZD.png

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CAD/JPY turned down

CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4.

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