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AUD/NZD Bearish Correction May be in the Making

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The volatile of the AUD/NZD pair continues to be affected by the volatile forex market. The last two days have seen a lot of bullish strength in the AUD/NZD pair. However, as I demonstrated below, it seems that the pair's bullish run may have run out of steam, and a bearish correction could be underway soon. This might be a good opportunity for forex traders to enter the trend at a very early stage and at a great entry price.

• Below is the 8-hour chart of the AUD/NZD currency pair.

• The technical indicators that are used are the Relative Strength Index ( RSI ) and Slow Stochastic .

• Point 1: There is a "doji" candlestick that has formed on the chart, indicating that a reversal should take place.

• Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.

• Point 3: The Relative Strength Index ( RSI ) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.

AUD/NZD 8-Hour Chart

AUD-NZD 30-7

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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