AUDNZD on the Weekly Chart had been ranging, the current price is near the critical resistance level and is within the buy zone.
Reason to short:
1) RSI had shown an oversold condition
2) Zooming into H1 what seems to be like a double top forming
I personally would wait for the pullback at H1 (looking at the completion of the double top) and RSI to present an oversold condition before entering. This would give us a better risk to reward ratio.
Entry: 1.1204 - 1.1506
SL: 1.1340 ( -220 pips)
Tp1: 1.0917(+203 pips)
Tp2 : 1.0754 (+366 pips)
Tp3 : 1.0549 (+570 pips)
This would be a swing trade and be prepared to hold for a longer period.
Reason to short:
1) RSI had shown an oversold condition
2) Zooming into H1 what seems to be like a double top forming
I personally would wait for the pullback at H1 (looking at the completion of the double top) and RSI to present an oversold condition before entering. This would give us a better risk to reward ratio.
Entry: 1.1204 - 1.1506
SL: 1.1340 ( -220 pips)
Tp1: 1.0917(+203 pips)
Tp2 : 1.0754 (+366 pips)
Tp3 : 1.0549 (+570 pips)
This would be a swing trade and be prepared to hold for a longer period.