NZDAUD Buy signal ahead of a 1D Death CrossNZDAUD has been trading within a long-term Channel Up since the August 18 2020 market low. As you see on the 1D time-frame, a Death Cross is about to be formed, which is when the 1D MA50 (blue trend-line) crosses below the 1D MA200 (orange trend-line). Even though this is a selling pattern, last time it emerged on March 10 2021, the pair made a bottom straight after and then saw a strong rally towards the Higher Highs trend-line of the long-term Channel Up.
As you see the pattern is fairly symmetrical, so the Death Cross may initiate this final sell-off to the bottom of the Channel Up and then give a strong rally towards Q3 2022. Taking profits before the 1.236 Fibonacci extension is advised.
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