AUDNZD currently trading within a HTF supply range. Shows the most weakness of all the Aussie pairs, which might indicate that this will be the first of the Aussie pairs to flip around.
Note
If you look at the 15 minute chart you can clearly see price is ranging. Made a top and so far failed to break it. you might even could even make a case for a double top. The fixed volume profile shows the volume is on the upper range, but haven't clearly broke out and is struggling to get out of the range, while it bounces quite some on the lower range of the consolidation. This could indicate that if the buying power on the bottom range dries up and price breaks structure, we might get a nice opportunity for a swing short on the higher time frame and locally make some gains with a day trade set up to cover the risk on the higher time frame set up if price breaks the local structure.Note
The potential swing setup on the hourly,Note
A favorable scenario right now would be a break of the local channel on the downside and then have a clear break of structure with some indicators lining up.A less favorable scenario would be a continuation of the channel or even a break on the upside. The short setup will still be on the table, unless price actually breaks the high at around 1.1087
Note
Price did break on the downside of the channel. There is a clear change in character on the top. Massive news spike, but lets pretend that didn't happen. Overal the Aussie is holding on its momentum against other pairs, but NZD is also gaining some momentum. So far price has been bouncing of the POC, which should not be ignored, but a break of that range and a close around 1.10085 would confirm the short bias, but if price goes back in the range of the channel and breaks above, the bias on the short term might has to change.Note
Initial local trade setup is liveNote
That one is in the pocket. Now two favorable scenarios on the table for a deep run.Fomc meeting in two hours, so things might get spicy.
Trade active
Note
Didn't end well, but it was covered by previous trade. Another short opportunity in the making tho.Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.