The AUDNZD currency pair has experienced a period of lateral movement over the past year.
It was oscillating within a narrowing range that resembles a triangular pattern amidst an overarching downtrend.
This formation is typically indicative of bearish sentiment, which is further corroborated by the recent breach of significant trendlines and the descent through the critical 1.0608 level. Such developments suggest an impending phase of heightened bearish momentum, with the potential for the pair to plummet below the 1.0477 threshold within the current year.
Additionally, the dynamics of the AUDNZD pair hold considerable implications for trading strategies involving the NZDUSD and AUDUSD pairs. Both of these pairs are currently undergoing substantial corrections and are positioned at pivotal support levels.
Should the USD exhibit a downturn, the NZDUSD pair emerges as the preferable candidate for long positions in the context of XXX/USD trading pairs. This strategic insight is crucial for traders aiming to navigate the intricacies of currency market fluctuations effectively.
Trade well,
Grega
https://twitter.com/GregaHorvatFX
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