Divergence on AUD/NZD

Divergence on AUD/NZD

The current technical pattern signals a possible correction of the AUD/NZD currency pair after a continuous fall. A classic reversal formation, the divergence of price and MACD histogram (H1 timeframe), has been formed in the trading instrument. At the moment, the AUD/NZD quotes are stable. The 1.05750 level is the nearest resistance. We recommend paying attention to this situation.

If the price fixes above 1.05750, AUD/NZD purchases should be considered. The immediate goal for profit taking is 1.06100. The movement is tending to 1.06450-1.06700. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets 2019.11.27

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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