Is Aussie Dollar finally in trouble?
In recent weeks we saw AUDNZD trade in a range between 1.08 and 1.067 after a big move from 1.108 highs. This consolidation formed a potential bearish rectangle pattern which is a continuation pattern formed after a big move to the downside.
We then saw the market finally breakdown to breach the range support, then came back to retest it as resistance and closed as a bearish engulfing candle on the H4 timeframe. This also lined up with the 50% fib retracement.
Could we now see a second leg that sees the bearish rectangle play out to its target area of 1.04?
One for the radar!
KG
We then saw the market finally breakdown to breach the range support, then came back to retest it as resistance and closed as a bearish engulfing candle on the H4 timeframe. This also lined up with the 50% fib retracement.
Could we now see a second leg that sees the bearish rectangle play out to its target area of 1.04?
One for the radar!
KG
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