AUDNZD Technical Analysis on 4 Hour Chart – On the 4 Hour time frame, we see the pair retracing lower. Fibonacci levels have been drawn on the chart, taking 1.13134 as the swing high and 1.08903 as the swing low.
Looking at the chart, we can observe that price have been respecting the Fibonacci levels. At this moment, we have the pair testing the 38.2 Fibonacci level at 1.11518. A bounce from that level is expected. A brief foray below that level met with some buying from the bulls.
We will now observe whether bulls have the dexterity to push this pair up towards at least the 15 ema at around 1.12 before next upside target at 1.125 and the down trend line coming up next in sight.
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