AUDNZD is setting up nicely for a short with descending channel from mid January currently holding- we have had a fake breakout overnight and are looking for an hourly close below 1.0340 area highlighted on our chart on TradingView to confirm the trend channel is continuing and opening up for further downside.
We have AUD employment data on Thursday...
What we see is the formation, on the fifth bullish wave, of an interesting double head and shoulders.
The two neck lines, in addition to being in parallel, have already suffered a breakout. Now we are in the pullback phase.
a great time to get into short on about 200 pips.
1. Based on the last 16yrs of daily close data (since 01/01/2000 to date) AUDNZD has a cumulative probability of a =>7th day lower at 0.5%, hence there is a implied 99.5% chance of reversal on the daily.
2. Technically there is also some nice structure about the 1.045 level.
1. Sell AUDNZD at market in 1xlot, and add 2x on each...