Here’s 👉 an UPDATE on the 4HR chart time-frame of the #AUDNZD.

AUDNZD 4HR (02-APRIL-2020)

We can see price carved a potential bullish rising channel right from the Lower-low of mid march 2020 on the 4hr chart.

Price carved a potential bearish pin at a confluence zone which acts as a resistance level and also at the 50% fibo retracement level.

Price made a bearish rotation and currently retesting the dynamic support trendline of the bullish channel.

Closest resistance acts @1.03168 and closest support acts @1.01602

Will this formation result in a false breakout or what’s next???

Remember we are still in a long-term bearish trend and this may interest sellers to pull price in their favor, also this long term trend doesn’t give a 100% guarantee price may result into bearish state.

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