Plenty of bearish confluence racking up on AUDNZD
No doubt who is in control here. Pretty much a selloff since 2011-ish, with bullish pullbacks here and there.
In the start of December '14, a bearish crossover occurred on the D1 after a pullback, and the selloff continued down.
Yesterday's candle (Monday, 09/03) showed a clear rejection of the key level around 1.0515 and the 50EMA.
Bears are definitely present at this level, and heaps of bearish confluence are loading up at this level;
1. Overall bearish momentum
2. D1 death cross
3. Possible rejection candle approaching
4. Rejection of key support
5. Rejection of dynamic resistance (50EMA)
6. Head and Shoulders pattern (bearish continuation pattern)
(7. close to a rejection of 50% fibo lvl)
(8. Slight MACD divergence)
Normally I go for 4-5 confluence factors, to place a trade, so if another rejection occurs today, I am definitely looking to get short on this pair, with 6-8 confluence factors supporting a short trade.
//Laban132
In the start of December '14, a bearish crossover occurred on the D1 after a pullback, and the selloff continued down.
Yesterday's candle (Monday, 09/03) showed a clear rejection of the key level around 1.0515 and the 50EMA.
Bears are definitely present at this level, and heaps of bearish confluence are loading up at this level;
1. Overall bearish momentum
2. D1 death cross
3. Possible rejection candle approaching
4. Rejection of key support
5. Rejection of dynamic resistance (50EMA)
6. Head and Shoulders pattern (bearish continuation pattern)
(7. close to a rejection of 50% fibo lvl)
(8. Slight MACD divergence)
Normally I go for 4-5 confluence factors, to place a trade, so if another rejection occurs today, I am definitely looking to get short on this pair, with 6-8 confluence factors supporting a short trade.
//Laban132
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.