WEEKLY FOREX ANALYSIS
23 December to 27 December
Timeframe Week Analysis
We can see that AUDNZD has been in a down channel end of September 2017 to current, with 3 retest of the top of the channel and 2 retest at the bottom channel.
From January 2019 to now, the prices have been on an uptrend (expanding wedge). In the first two weeks of November, AUDNZD has respected both the weekly channel and also the daily channel and have spiral down since the retest.
The prices are currently testing a very strong resistance area between 1.04619 to 1.04865
Timeframe H4 Analysis
In a H4 timeframe, AUDNZD has tested and attempted to break the area of 1.04619 to 1.04865 and has failed one time and is currently on the urge of second retesting. But at a closer look, you will realise that the prices are consolidating into a very tight wedge (orange).
There is NO confirmation of a breakout to a higher price right now unless the range of 1.04619 to 1.04865 is broken.
Timeframe H1 Analysis
For scalpers, you can trade within the wedge for this week (see the orange triangle). Before attempting to put a sell, check the H1 TF for a confirmation that the prices have broken and closed below 1.04436 before putting in a sell. If it breaks down, it should give you a 30 to 40 pips.