A harami cross pattern unfolded on the AUD/NZD weekly chart, turning the intermediate trend from bearish to neutral.
The pattern happens in the context of deteriorating prices unfolding with the weekly stochastic (14,3,3 ) tracking below 20. From here on, this oscillator could easily react with any future close near the highs, specially since last week’s trading range formed a doji line on the chart.
Note the harami cross is considered a more potent reversal than the regular harami.
(Market News Provided by FXstreet)