On the Daily price has made an impulsive move to the upside and then consolidated in a falling wedge pattern after testing and faking out of the psychological level/support of 1.5200.
On the 4 Hour we can see price has stalled and started to retrace towards the fib levels, 50 EMA and Market Structure so upon interaction and price action confirmation we can look...
I am holding this pair short at the moment with the aim of hitting 1.79823.
- Breakout of the triangle on both Daily & 4 Hr timeframes
- Retracement with 2 rejections of the 61.8% fib
- Market structure - previous strong support now acting as resistance
Im holding AUD/NZD short after breaking the bullish trendline from mid-March. After the break we saw a minor re-test followed by a close over the 50 EMA. Price moved to the downside before retracing to the 50 EMA and rejecting the 50.00%.
I entered this trade at 1.01992 and will be keeping an eye on with the aim to hit the -27.00%, SL moved to entry so this trade...