Audnzdshort
AUDNZD shortSince price has arrived at upper trendline we have seen rejection via a break of minor trendline on the hourly and 3 consecutive bearish candles. We will be targetting bottom trendline to complete the pattern. 4 hour RSI and MACD are also showing bearish divergence suggesting we will see downside momentum.
AUDNZD Analysis: Price at the trendlineThe price has been following both an ascending channel and a falling trendline.
It has previously respected the trendline for four times and has come to test it for the fifth time.
If it bounces off then it will be a good sell opportunity.
Breaking of the trendline will invalidate this idea.
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AUDNZD - SELL NowAN is going down and if you see the chart and coming from upwards to downwards price has reached the 0.236 fibo level and retrace to upwards.
Price has crossed the 200 EMA as well and middle bollinger band is crossing the 50 EMA and moving top of the candles is confirming that price is moving down.
Once its crossed the 200 EMA price goes down till 0.236 fibo level
Note: Trade at your own risk.
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