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Market View

AUDNZD is testing a major trendline

Tuesday, November 20, 2018 11:08 AM GMT

Even though RBA minutes have remained upbeat early in the morning, reflecting an upcoming decline in unemployment rates in the near term, the AUD has continued its bearish momentum. Today’s agenda doesn’t include any other major news or events related with the pair, although tomorrow, it includes New Zealand’s Credit Card Spending and Visitors Arrivals.

Viewing the weekly technical aspect, AUDNZD remains near 7 months’ low testing the trendline (T1), while CCI is flirting with the highly oversold zone.


Heading to the daily timeframe, RSI entered the oversold area by breaking the 30 level to the downside.


Overall, the setup indicates a potential reversal towards trendline (T2). On the other hand, if price violates the trendline (T1) to the downside, then the Bears may push the pair lower towards 1.05.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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