This week we’re going to do a second follow up on the Australian Dollar versus the New Zealand Dollar (AUDNZD) pair on the weekly timeframe. Our last analysis, was after the confirmation candlestick and we had formed a bearish bias on the pair. Bears are still in control of the market as they have been able to push price lower for 2 consecutive weeks.
Just like we mentioned a fortnight ago, the main trend is bearish. We will therefore monitor and watch price to see whether it’ll push lower all the way to our level of support within the channel.
Revisiting the Great Britain Pound versus The US Dollar (GBPUSD) pair shows some market movement that we foresaw 3 weeks ago. At the time of the previous analysis, price had just broken out of the bullish flag. There was a retest that even went beyond the resistance of the flag, but bulls took charge and pushed price higher breaking out of the pattern again.
Price is clearly on an uptrend, as we broke out of the larger channel and price is almost back at the top from where that channel begun. Patience is needed as we await to see whether the bulls can sustain the upward pressure all the way up to the major level.
Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.