Let's analyze the currency pair AUD/NZD using technical analysis. The main focus will be on the levels of weekly pivot support and resistance, basement indicator, and the indicator forming the 1-2-3 pattern. Let's concentrate on the chart.
The Vertex indicator today, closer to the end of the Asian trading session, signaled that the currency pair was oversold, and after that, the quotes continued to rise. This indicator signal can be interpreted as confirming, with a divergence that strengthened it. The moving averages with periods of 200 and 50 show a stable upward trend, which favors signals from other indicators. Buyers were able to form the 1-2-3 patterns, showing their willingness to continue pushing quotes upwards. However, buyers have not yet confirmed the 1-2-3 pattern, as there has not been a breakthrough of the 1.21725 level, indicating their lack of strength. In this situation, I will wait for confirmation of the 1-2-3 pattern and a breakthrough of the 1.21725 level. Then I will wait for a price pullback to the weekly pivot expansion level of 1.21404, where it will be possible to open a long position.
