Hi Traders! AUDNZD short term forecast update and follow up

Recap of Previous Forecast

On May 23rd, 2024 I shared the “AUDNZD Technical Analysis And Short Term Forecast” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club. Spoiler alert – free memberships are available!

My Idea

On the H4 chart, currently, we have a strong bearish momentum and it seems like the AUDNZD pair is heading towards lower levels. The recent price action has confirmed the setup we discussed earlier and it is likely that the pair will continue to move downwards in the short term.

As traders, it is important to keep an eye on key support and resistance levels to identify potential entry and exit points. In this case, the next major support level to watch out for is at X.XX, where we could see a potential bounce or breakout depending on market conditions.

Overall, the technical outlook for AUDNZD remains bearish in the short term and traders should consider shorting the pair if they have not already done so.

Impact on Me

Based on the forecast update, I may consider adjusting my trading strategy for AUDNZD to take advantage of the bearish momentum. This could involve entering short positions at key resistance levels and setting stop-loss orders to manage risk effectively.

Impact on the World

The bearish outlook for AUDNZD could have broader implications for the forex market, especially for traders who are looking to short the pair or hedge their exposure to Australian and New Zealand currencies. This could create opportunities for profit and volatility in the market as traders react to the changing price dynamics.

Conclusion

In conclusion, the AUDNZD short term forecast remains bearish based on the technical analysis. Traders should continue to monitor key levels and price action to make informed trading decisions. Remember to trade responsibly and always use risk management strategies to protect your capital.