AUD/NZD Falls Toward Support
AutoChartist | Feb 24, 2017 07:44AM ET
AUD/NZD continues to fall in the direction of the Key Support level 1.0621 (of the type Approach) which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this key level at the 4 bar level – which is the result of the 4 recent price reversals from this support level. AUD/NZD is expected to reach this key support level in the nearest time.
As can be seen from the daily AUD/NZD chart below, the pair earlier reversed down sharply from the resistance area located between the long-term resistance level 1.0740 (which reversed the pair numerous times from last July) and the upper daily Bollinger® Band. The downward reversal from this resistance area created the daily Japanese candlestick reversal pattern Evening Star. Given the overbought reading on the daily Stochastic indicator, AUD/NZD is likely to soon reach the aforementioned Key Support level 1.0621.
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