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AUD/NZD’s uptrend look to be kicking back in to gear.June 6, 2018
Our expectations – The price made a deep correction of the main upward trend and tested the basic diagonal. After reaching 50% Fibonacci correction, the price reverses strongly upwards, clearly indicating that traders are willing to buy from this zone. There is a swallow bar formation that is activated today and breaks the psychological level of 1.3400. That’s where we have to look for a long-term entrance. In addition, the indicators indicate a likely new upward momentum. DeMarker points up from a surplus sales area and the CCI50 crosses -200 from bottom to top. Sequential counts 4 on the top of possible 13 – we can think that the upward pulse is still in its infancy.
Alternative Scenario: If the price goes back below the bottom of the swallow bar, the positive scenario will be spoiled and more likely to see a decrease.