Possible "Bullish Butterfly" on AUD/NZD, short break below 1.053

We see a possible "Bullish Butterfly" pattern on AUD/NZD daily charts.

The pair is currently holding major support by 1.0532 (converged 20 & 100-DMAs), we see weakness on break below.

AUD/NZD finds major resistance at 1.06, bearish invalidation on break above.

Support levels - 1.0532 (converged 20 & 100-DMA), 1.05, 1.0472 (Sept 30 low), 1.0415 (trendline)

Resistance levels - 1.0578 (session high), 1.06 (falling trendline), 1.0612 (Nov 25 high)

Good to go short on break below 1.0530, SL: 1.06, TP: 1.05/ 1.0475/ 1.0415

Kommentera:

TP 1&2 hit. Bias lower

Kommentera:

All targets hit.

The pair has taken major trendline at 1.0415.

Violation at trendline could see test of 1.0363 (Nov 9 lows).