Hi friends,
On my weekly review I talked about the AUD cycle that is coming. It seems that we are there already. For the AUDUSD it’s better that the pair will hold below the 200 MA and RSI to cross down the 50 level in order to have longer period selloff.
But for AUDNZD, we are reaching a good area for cycle that will lead for a move of 100 pips or more.
Here is the daily chart:
As you can see, the pair is reaching a top. A 4H chart confirm we are in front of a down move with a bearish divergence.
Target 1 is around the 100 pips, but if the pair successfully breaks below, it will open a move for deeper down move.
Good luck friends,
Vladimir Ribakov
