A strong bearish trend has prevailed over the Australian-New Zealand Dollar (AUDNZD) pair in recent months. However, in the second half of September 2021, traders saw a correction to the upside. This correction may be short lived as two key resistance levels appear at 1.04721 and 1.05112 respectively. Both resistance levels appear in tandem with Fibonacci’s 38.2% retracement level.
- Sellers will be looking for an opportunity around the 38.2% or 61.8% retracement levels depending on whether the correction continues to extend itself.
- Buyers may look to ride the current momentum until the point of reversal.