Audnzdshort
AUD/NZD Possible short-term bearish price movementGood morning traders,
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Now let's take a look at short term trade opportunity for AUD/NZD, we can see that price has been struggling to break through middle line of ascending channel. We expect price to move lower to test support line of this channel, however be aware that overall trend is bullish and bears might not have enough strength to get price to support. Use small risk management un this trade putting Stop Loss right above the middle line of ascending channel. We predict slow market today and we have to take advantage of every option market give us.
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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-Entrys for sellThree Different levels/zones that I will watch for rejection for sells. Price had tested the monthly Resistance multiple times and rejected, then Price broke to the downside from the weekly trendline of support, retested that trendline and made a LL, then price created a double bottom on weekly tf, and has pushed back up to previous high. my bias remains short unless we break the monthly resistance. I will be watching for a rejection at weekly TL, psych/key level, and monthly TL.
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 Short-term Elliot Wave Bearish OutlookIn the AUDNZD chart above, the price moved down in five waves from the high. According to Elliot Wave theory, a three-wave correction follows every impulse ( five-waves) pattern.
In AUDNZD's case, the subsequent move took the form of a w-x-y double zigzag pattern which means that an impulse-corrective cycle is completed.
We can now expect the price to continue in the direction of the impulse move.
What's your thought on AUDNZD?
AUD/NZD forming a triangleThis triangle is signaling us that there is indecision between Buyers and Sellers. They can deicide where the price will go. Right now and maybe even in next couple of days we will see this ranging to continue. However sooner or later we predict that either Bulls or Bears will take advantage of one another. This could be a nice trading opportunity for next week.
We have put Alerts on both directions and when one alert is triggered then we will make a decision.
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