AUDNZD 4 Hour w/ Updates Ongoing *Not Advice*
4 Hour Technical Analysis
- Price could test the previous low of 1.07587 where our demand zone is located. Before this happens, we could get a retest of the previous high. If that high doesn’t break, we could see our demand zone being reached.
- Price could test the previous low of 1.07587 where our demand zone is located. Before this happens, we could get a retest of the previous high. If that high doesn’t break, we could see our demand zone being reached.
Comment:
We like this level to start looking at buys. (We entered a trade on the 3min/15 min timeframe check the 15 min chart update for further info there). As far as this timeframe. If you look at the arrows, price may have broke two highs with some divergence at the bottom two arrows while looking at the RSI. Although that divergence doesn't mean much to where price is right now, it may be a telling sign of a potential retracement to upside since price is back in this demand zone. Sell volume looks to be calming down a bit as price currently had a momentum shake to the downside. We are oversold on the 4 hour and the 1 hour as of now but we are still bearish on the daily-monthly until further notice. Price could potentially be at the beginning stages of a retest of the previous high. Before that happens, price could still test the low of 1.07274 and if so, we will reassess on a smaller timeframe.
We like this level to start looking at buys. (We entered a trade on the 3min/15 min timeframe check the 15 min chart update for further info there). As far as this timeframe. If you look at the arrows, price may have broke two highs with some divergence at the bottom two arrows while looking at the RSI. Although that divergence doesn't mean much to where price is right now, it may be a telling sign of a potential retracement to upside since price is back in this demand zone. Sell volume looks to be calming down a bit as price currently had a momentum shake to the downside. We are oversold on the 4 hour and the 1 hour as of now but we are still bearish on the daily-monthly until further notice. Price could potentially be at the beginning stages of a retest of the previous high. Before that happens, price could still test the low of 1.07274 and if so, we will reassess on a smaller timeframe.
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