Audnzdbear
AUDNZD bearish momentum picking upMultiple time frame analysis is involved here. Over on the daily timeframe, you'll see that price is testing the 1.0842 level. This is a high that formed back in November of 2019. Given the sharp move up, I didn't take the initial short, but now I did after this leg down.
Over on the hourly, you can see the strong leg down as prices tested the 1.083 level and then broke through the 1.08305 floor. This entry is timed as price is retesting the 1.08305 level. This level is significant because there was buying volume that originated here, but that's no longer the case.
One concern is the 1.078 level as this is where selling pressure temporarily ceased. However, you'll also notice that buying volume isn't as strong. It took five bars for the price to inch up and this doesn't even cover the entire bearish bar.
Buying pressure currently still remains weak and we can expect further downside potential.
AUDNZD neckline break reversal tradeFew things going on here:
1. Price reached the highs of 1.078 and then it found weakness. You can tell by the fact that price ranged, but consistently failed to break above the 1.078 level. At the same time, price has been holding supported at the 1.75 level.
2. What I'm currently seeing is that price is breaking below the 1.75 level and slightly retracing. This break occurred because we're not seeing any bids holding the price up.
3. I'm expecting to see price trickle lower as the profit taking occurs after this spike.
AUDNZD upside momentums weakensThis is currently a very preliminary trade idea based off of the current momentum on this pair. I outlined this trade idea in three major points.
1. The run-up from March 19th ceased at the 1.0613 level. Price proceeded to pull back to my #2 label at 1.0477 level.
2. Nothing out of the ordinary so far as price would retrace after such a rally. What's interesting is that this next wave didn't make as significant of a move. Specifically, we can see it hitting the #1 label highs and then stalling.
3. I'm currently observing the price action signal at this level. It broke back below the 1.06 level and then made an uptick. If price fails to make a surge higher, we could potentially see this pair reverse.
Again, largely preliminary at the moment. Currently just keeping an eye on this pair for a potential opportunity.
