AUD/NZD Evening Star Pattern Is Playing Out As Price Action Dominates

Technical analysis of Forex market

AUD/NZD technical analysis

  • AUD/NZD has formed the valley.
  • Historical sellers are aligning with now moment sellers.
  • Breakout below the M H3 suggests the continuation.
  • Target is at the M L3 level.

Daily chart AUD/NZD

  1. Historical sellers.
  2. Now moment sellers.
  3. Evening Star pattern entry.
  4. The break below the neckline.

The valley between point 1 and 2 represents the historical selling and the first retest of the level during major downtrend. At this point we can assume that the market will make a continuation move. The entry which is clearly visible is at the confirmation of the evening star pattern. We should see 1.0480, 1.0450 and 1.0409 if the daily or weekly close is below 1.0523. The market is still bearish and this move up was a correction. Selling should continue.