From investor to scalper is an analysis cycle in which we take one financial instrument each day and the analysis includes a detailed look at the value from the monthly/weekly chart to the H1/M15.
AUDNZD – as a result of ongoing since April 2011 declines pair reached 1.00, where in April 2015, there was a demand response. Since then, we have seen movement in horizontal trend (consolidation) whose upper limit coincides with the 38.2% Fibonacci correction.
Definitely better this lasting more than 3.5 years consolidation can be seen on a weekly chart.
Looking at the daily chart, we note that as a result of the recent nearly three weeks of declines, the pair reached local support close to 38.2% of the Fibonacci correction. The weekend bullish gap has (at least temporarily) been rejected.
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On H1 chart, we see that the market is currently in the area of local support converging to 50% of the Fibonacci correction from earlier gains. Rejection or permanent overcoming of this zone could determine the future direction of movement on this instrument.
