AUDNZD Sellers Targeting 1.0775

Fri 24th February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• AUDNZD
• AUDUSD (Covered in Video)
• GBPAUD (Covered in Video)

AUDNZD Sellers Targeting 1.0775

In today’s forex strength video we identified that the Australian Dollar (AUD) remains one of the weakest currencies.

The New Zealand Dollar (NZD) has appeared as the third strongest currency on the day traders table.

AUDNZD is one to watch for us as price has found resistance at a key level.

The last time we featured AUDNZD price fell over 500 pips in a strong downward trend.

Recently the price has traded into a key resistance of 1.1050 in the form of a bearish consolidation pattern.

Now price has broken down through the supporting trendline and daily 200 moving average we can expect price to trade lower.

Sellers could look to target the previous lows of 1.0875 , if this support does not hold price could trade down to 1.0775.

Technical Observations

• The USD is S2 and AUD is W1 on the day traders table.
• Price has broken down through the weekly support of 0.6875.
• Price is currently trading at the daily 200 MA support.
• If price trades through the MA support and trendline support we can expect price to move lower.
• Targets for sellers will be 0.7000.