Today I was on Dukascopy TV interviewed by Jessica Walker.
The Outlook is for multi-months on the AUD/NZD currency pair.
Price levels to the upside
1 month: 1.158
3 months: 1.195
12 months: 1.127
Monthly chart AUD/NZD
Explanation of the forecasted levels
1.13 still looks like a hurdle to the upside.
But Gold stays strong in light of AUD.
And maybe NZD centralbank wants to intervene now, to get a better trade balance.
- price bounced from a multi-year low 1.05 level (from back in 1995, 2005, 2006. Now in 2014 and in 2015 it made a false break lower and price moved back above again in 2016.) Completing a inversed head and shoulders pattern. I forecast the neckline to break to the upside for the first target higher.
- The weeks following I see the pressure continue to the upside with prices closing strongly higher into the next 3 month level.
- In 5 months I see the pair continue and complete this inverse head and shoulders pattern complete, making a top. But as this is a perfect level to take profits. At that moment price will be overbought and I see price fallback lower into it’s normal trading range. In 12 months finding support around the weekly 200EMA.
Weekly chart AUD/NZD
Any likes support or feedback comments is appreciated.
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