AUDNZD 1 Hour w/ Updates Ongoing *Not Advice*
We have posted a Monthly outlook with weekly, daily 4 hour,1 hour, and 15 min charts on their respective pages so be sure to check those publishes in the related ideas section. I wanted to add a 1 hour so we can all practice multiple timeframe analysis. I'm no pro but I want to use this pair to journal trades not to show off. I's better to journal here vs my own sources due to how nice the platform is.
Now, as far as the 1 hour, there's not much difference in our outlook compared to others. I was hesitant about the 4 hour markup due to price being in an oversold position and price being near our green demand zone on that timeframe. However, other timeframes show that price may not be done testing the previous low of the daily-monthly timeframes even if a pullback to test recent 4 hour could work out as well before a reassessment of our short trade. On this 1 hour timeframe we see we are in an overbought scenario with no newer highs and a lower low formed this morning. I don't have a specific price target for this timeframe as of now but we do want to see the previous low be tested or broke before further outlook. I'll update as I go depending on associated timeframe.
Now, as far as the 1 hour, there's not much difference in our outlook compared to others. I was hesitant about the 4 hour markup due to price being in an oversold position and price being near our green demand zone on that timeframe. However, other timeframes show that price may not be done testing the previous low of the daily-monthly timeframes even if a pullback to test recent 4 hour could work out as well before a reassessment of our short trade. On this 1 hour timeframe we see we are in an overbought scenario with no newer highs and a lower low formed this morning. I don't have a specific price target for this timeframe as of now but we do want to see the previous low be tested or broke before further outlook. I'll update as I go depending on associated timeframe.
Just an update. Price looks to have reached a previous low and price may have breached a demand zone. This sentiment matches our 4 hour publish and 15 min publish as well. I don't see any divergences or anything that indicates a retest of the high. However, price has had a bullish reaction in this area or a tad bit lower through July if you look left. Our sentiment on the Daily-Monthly is still bearish to be honest. We understand that there may be a retest of the previous high needed before further assessment on a larger scale. Please check the 4 hour and the 15 min publish for more insight.