In recent weeks we saw AUDNZD trade in a range between 1.08 and 1.067 after a big move from 1.108 highs. This consolidation formed a potential bearish rectangle pattern which is a continuation pattern formed after a big move to the downside.
We then saw the market finally breakdown to breach the range support, then came back to retest it as resistance and closed as a bearish engulfing candle on the H4 timeframe. This also lined up with the 50% fib retracement.
Could we now see a second leg that sees the bearish rectangle play out to its target area of 1.04?
One for the radar!

KG
Chart PatternsTrend Analysis

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