Today’s Analysis – AUDNZD – testing a key swing level, respecting it will establish a double top, immediate target local support.
Points to consider, - Impulse bull move - Swing high liquidity zone - Local support confluence (.50 Fibonacci) - Oscillators above 50 - Volume below average
AUDNZD’s impulse move is stalling at a key liquidity swing high, bearish price action will increases the probability of a rejection.
The local support is the immediate target, this area is in technical confluence with the .50 Fibonacci, and price respecting this zone will solidify it.
Both oscillators are above 50; maintaining this will keep the bullish short term bias in the market. Price rejecting will divert both oscillators to neutral mid-point area.
The volume profile is currently below average, an influx is likely as price impulses, volume follow through is needed for continued momentum.
Overall, in my opinion, AUDNZD is a valid short at swing high with defined risk. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
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