Important Price Pattern on AUDNZD

Important Price Pattern on AUDNZD

The AUD/NZD daily chart shows that the price has arrived at a previous swing high which also has all characteristics of a strong supply area.

The AUD/NZD has rallied for 2 months without any significant pullback.

When we zoom in on the last daily candlesticks, we can see a classic deceleration-acceleration pattern.

The large bullish candles suddenly disappeared at the top and the second arrow marks the deceleration Doji which shows that the price is slowing down.

The third arrow marks the bearish acceleration candle which may signal a turnover.

The current daily candle is only 50% formed but a bearish candle would complete the reversal pattern fully.

 

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