AUDNZD Triangle close to breaking out

٨ مايو ٢٠٢٣

The AUDNZD pair has hit our previous target (see chart below) and is currently on a Triangle pattern:

The break-out of this pattern will dictate the next trend. Right now the price is below the 1D MA50 (blue trend-line) so currently we have to give a slight edge to the bearish break-out. In that case, our target will be 1.04700 (December 16 2022 Low). If the price closes above the Triangle (Lower Highs trend-line), we will buy the break-out, target 1.10000 (bottom of Pivot Zone) and then short from the top for the long-term.

P.S. The RSI's Rectangle can be of additional help for buying and selling.

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