Forex

AUDNZD Is Breaking Trendline SupportFeb 9, 2024

AUDNZD has been trading sideways for the last 12-14months, in a contracting range, which looks like a triangle within a downtrend. It’s bearish pattern that is now pointing lower as prices break some key trendline and slip through 1.0608 bearish level. So traders should be aware of a even more weakness in months ahead, possibly even a break below 1.0477 can follow this year.

This cross pair is also important when it comes to trading decisions on NZDUSD and AUDUSD pairs. On these, we are observing some deep corrections that are trading at the support now. So, if USD would turn down then our favorite pair for xxx/USD longs would be NZDUSD.

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