- August 27, 2021
- Posted by: cabana-admin
- Category: Market Insights
General overview: AUD/NZD consolidates gains in the Asian session.AUD loses track on downbeat economic data. The Kiwi gains on risk-on mood. Bears are steeping towards the downside direction by giving the bearish view. Still we can say that market is trying to recover the pervious breakout levels and creating the lower low rally in the market. Today pair support level is 1.0700. We can also see that market is shows its potential move towards the downside way. It will able to find its bearish view. We can expect more bearish momentum ahead in the market. The pair is below the major and minor EMA and SMA lines. The pair reaches to the level 1.07317
Technical analysis: From the technical point of view we can say that market is in sell side and creating the sell side in the market. The intraday traders also go for the sell side in the market. On hourly chart market makes the downside swings in the market. Bearish marabuzo is formed we advised the traders to go for the sell side in market. The market is formed the downtrend trend in the market and forming the lower low swings in the market. On the 4 hourly charts market formed the downside trend pattern and after breaking support level we can expected sell movement further onwards. The RSI is also supporting price pattern by giving sell view as well MACD also move above below level .
Trade idea: Our traders will sit towards sell side at level 1.0428 targets will be 1.0350 and 1.0300 and stop loss will be 1.0450.