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AUDUSD and NZDUSD commentary, Ready for a correction ?
This past 7 days, I have seen some serious termination signals on the AUDUSD, ( Australian Vs US Dollar ), NZDUSD (New Zealand Vs US Dollar), its not a forgone conclusion that price will now plumet and make a correction to the downside, but in all likleyhood these currency pairs have formed a short term high and are due for at least a consolidation.
This past 7 days, I have seen some serious termination signals on the AUDUSD, ( Australian Vs US Dollar ), NZDUSD (New Zealand Vs US Dollar), its not a forgone conclusion that price will now plumet and make a correction to the downside, but in all likleyhood these currency pairs have formed a short term high and are due for at least a consolidation.
There is upper tails on the weekly candlestick chart , (see chart below) which signals upper price rejection, a typically bearish technical signal.
I see these pair as stil uptrending in the broader term, but in the short term, we may start to see prices take a breather and correct back into the previous key support levels.
The AUDUSD could rotate back into 83 US cents, and NZDUSD back into 69 US cents respectively.
See Chart Examples Below
The above Commentary is not financial advice and any views expressed are personal views only, you trade at your own risk..
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