AUD/NZD has made a bullish breakout above the ascending wedge pattern on the daily chart. An uptrend is expected to continue higher soon.
The AUD/NZD has made a bullish breakout above the ascending wedge pattern on the daily chart. An uptrend is expected to continue higher soon. Let’s review the key patterns in this article.
The AUD/NZD is in a long-term consolidation, sideways price action. But the daily chart is developing interesting price patterns.
The Australian Dollar seems ready for more strength, which is useful information when trading AUD or NZD currency crosses.
For instance, it could be to look for NZD weakness and AUD strength when trading against the USD, EUR, GBP, or JPY. Or of course, trading the AUD/NZD might be an option as well.
On the 1 hour chart, price action is showing a strong push up (purple boxes). This is typical for a wave 3 (orange).
Good trading,
Chris Svorcik
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter
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Chris Svorcik is co-founder, trader, and analyst with Elite CurrenSea (www.EliteCurrenSea.com) since 2014.