AUDNZD neckline break reversal trade
Few things going on here:
1. Price reached the highs of 1.078 and then it found weakness. You can tell by the fact that price ranged, but consistently failed to break above the 1.078 level. At the same time, price has been holding supported at the 1.75 level.
2. What I'm currently seeing is that price is breaking below the 1.75 level and slightly retracing. This break occurred because we're not seeing any bids holding the price up.
3. I'm expecting to see price trickle lower as the profit taking occurs after this spike.
1. Price reached the highs of 1.078 and then it found weakness. You can tell by the fact that price ranged, but consistently failed to break above the 1.078 level. At the same time, price has been holding supported at the 1.75 level.
2. What I'm currently seeing is that price is breaking below the 1.75 level and slightly retracing. This break occurred because we're not seeing any bids holding the price up.
3. I'm expecting to see price trickle lower as the profit taking occurs after this spike.