AUDNZD wait
From the monthly chart, you can see that the Australian dollar to the New Zealand dollar currency pair has been in consolidation for almost 8 years, but already in April 2022 the trend line was broken and in July the price rolled over the key level - 1.10500. These two factors make us think about buying this instrument.
As I said we see that AUDNZD has broken the trend line, and now it quite aggressively returning back to the broken trend line. This is a fairly standard pattern of technical analysis and many would start placing buy orders by seen such picture. But I wouldn't be in a hurry with such actions, because the price is falling too aggressively in my opinion.
I'm a fan of Fibonacci extensions and as you can see from the chart, I have built a large variation of extensions to determine the key levels. So Mr. Fibonacci advise me to pay attention to the three price ranges that I have drawn (purple rectangles). These are the levels to which the price very often reacted.
You can think about buying this tool only at the beginning of the next month (in December). If we see a strong push of the bulls and a bullish (or bearish) candle is formed, but with a large bullish wick, then yes, there is a purchase. However, if the November candle remains large and bearish, then sellers continue to play their game.
As I said we see that AUDNZD has broken the trend line, and now it quite aggressively returning back to the broken trend line. This is a fairly standard pattern of technical analysis and many would start placing buy orders by seen such picture. But I wouldn't be in a hurry with such actions, because the price is falling too aggressively in my opinion.
I'm a fan of Fibonacci extensions and as you can see from the chart, I have built a large variation of extensions to determine the key levels. So Mr. Fibonacci advise me to pay attention to the three price ranges that I have drawn (purple rectangles). These are the levels to which the price very often reacted.
You can think about buying this tool only at the beginning of the next month (in December). If we see a strong push of the bulls and a bullish (or bearish) candle is formed, but with a large bullish wick, then yes, there is a purchase. However, if the November candle remains large and bearish, then sellers continue to play their game.
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