AUD/NZD May Begin a Retracement

AUD/NZD has been moving to the downside ever since the pair bounced off from the resistance at 1.1290, which coincided with the (MA)89 indicator on the monthly time-frame, since October 2017. Even though the bearish trend is likely not over yet the pair has found some resistance at 1.0490 and it may begin a retracement. A signal for this is the hammer candlestick that AUD/NZD has formed on the weekly time-frame at the aforementioned support level. If such a retracement does begin the pair will probably move to the upside towards 1.0650 – 1.0700. A breakout above that level could lead to a further move to the upside towards 1.0750, which is the (MA)89 indicator on the daily time-frame.