AUDNZD retracing into key horizontal and fib support levels, with what looks like a dead cat @ 0.382 and Feb high.
50 and 100 EMAs on the daily could also act as support in between the 0.383 and 0.5.
Previous horizontal supports matching with the 0.5 and 0.618 fibs.
Obviously the 0.382 ,Feb high could still hold and waiting for the 0.5, 0.618 level could leave us...
Good afternoon traders,
Looking to position ahead of tonights Australian inflation data which we expect to come in below expectations of 1.5% (yoy) in a similar manner to the recent New Zealand data. Given the data driven nature of this trade we are trading with a tight stop loss just above the previous candle wick high on 17th April.
Backing the entry of this...
Possible short setup for AUDNZD on the 1D time-frame.
The pair has risen to meet a long-term ascending trendline and is showing signs of consolidation, particularly evident on the 4H chart.
The RSI is showing the pair is currently overbought and MACD is close to signalling a fall.
I am waiting for a little more...
AUDNZD is currently testing the 1.04520 area for resistance. Looking for the 10 period MA to hold back any further advance before we see a move down to breakout below the rising trendline.
Short trade set up, risk to reward 2.8:1
Low Test / Pin Bar Candle into key support.
Falling wedge break, looking for the pullback to retest before going long.
Look for Daily rejection at key Fib level as indicated on the chart, with a H4 trend change confirmation (higher high with entry on the higher low).