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slowly moving up. The last shot before the big correction?


AUDUSD

Scenario implementation: performed by

The Australian dollar has generally rallied since the last review, thus confirming the assumptions about the likely completion of the downward correction. The pair actually continued the upward movement that had begun, finding the main support at 0.7734, however, the target area was not fully reached. The price did not reach the lower border at 0.7813 in just a few points.

However, it can be considered a matter of time before reaching the target area indicated earlier. The pair still has the potential to move upward with the renewal of the last maximum, so the scenario with the development of an upward movement remains relevant.

Forecast: continued upward movement
AUDUSD / NZDUSD: slowly moving up.  The last shot before the big correction?

To continue the upward impulse, the pair will probably need to consolidate in the current area with the formation of a lead-in formation. This will become possible in case of a retest of the expected support at 0.7734, consolidation above and the subsequent rebound from which will aim the quotes in the area above the previous highs between 0.7858 and 0.7884.

The scenario will be canceled if the price drops below the reversal level at 0.7677.

NZDUSD

Scenario implementation: performed by

The New Zealand dollar is still trading within the formed range, unable to finally leave it. The expected exit from the corridor upwards did not take place, the target area was not reached. The pair rose to the upper border of the flat at 0.7258, but then immediately turned downward, dropping to the expected support at 0.7177, from where it is now trying to recover again, returning higher.
AUDUSD / NZDUSD: slowly moving up.  The last shot before the big correction?

In this case, the Australian dollar, which gives a signal for growth, can provide a guideline for directions. Probably, in this pair, we should also expect the price to go up after fixing below the upper border of the corridor for its subsequent breakdown.

Forecast: continued upward movement
AUDUSD / NZDUSD: slowly moving up.  The last shot before the big correction?

Now the price is standing in the way of a whole resistance zone from 0.7219 to 0.7258, which will be very difficult to overcome. Buyers can be strengthened by a confident consolidation above the support at 0.7177, a rebound from which will give an opportunity to develop a fairly strong upward impulse. Movement targets remain the same – the area between 0.7318 and 0.7354.

Cancellation of the current scenario will take place in case of decline to the area below the reversal level at 0.7130.

02/18/2021

Arman Beisembayev, Tickmill expert

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