AUDNZD currency pair jumped up today after this currency pair formed the daily Japanese candlesticks reversal pattern Hammer (Selected Alpha ranks the strength of this candlesticks pattern at the 6.52 CandleScore level) near the daily lower Bollinger Band. The support zone near the lower Bollinger Band was strengthened by the powerful multi-year support level 1.0422, which stopped the sharp downtrend in November of 2020. Selected Alpha ranks the strength of this support level at the 176 RealStrength points. The upward potential of this setup was synergistically strengthened by the clear bullish RSI divergence on the daily RSI indicator. Next resistance stands at 1.0566.
The pair is also driven up by the powerful bearish new Zealand dollar sentiment – which runs counter to the sentiment of all the upper primary currencies – all of which are rising up , as can be seen from the following intraday Forex sentiment chart below.
By partnering with most of the top Forex brokers we are now offering a fast access plan allowing you to get immediate access to Selected Alpha Scanners (ActiveFX and ActiveMacro). You can get access by opening an account with ANY Forex broker through us or by setting us as the Introducing Broker with your current broker. Start trading equipped with some of the best trading tools on the planet. Check out the details here: