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Currency
by Seth Parker on November 7, 2018

AUDNZD Analysis – Bounce from the neckline

Successful path of our analysis continues. In this piece, I will update You about the situation on the AUDNZD, which we previously mentioned on the 19th of October. Back in that day, we saw a great chance for a bigger drop. Technical situation was extremely bearish, so the setup looked pretty strong:

“We are under the influence of the shooting star candle from yesterday. Our outlook on this instrument is negative and we see this pair much lower in the nearest future. „

audnzd chart

Oh yes! Another one in the basket!. After those words above were written, the price went lower. At the very end of the October, the price took some time to test the neckline again (black) but the outcome was bearish again. That was it, double test of the neckline sorted out the sentiment on this pair – it is negative!. Great employment data from New Zealand helped here but you can see that the ground for that was already made by the technical situation. November brings us new mid-term lows. Chances for a further drop are significant!

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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