This is based off the trading system which I mentioned in my previous charts. What we have here is a downtrend on AUDNZD. Price made a swing high at 1.09459 (which is where the trailing stops would come in for previous short entries).
Although price tried to breach higher, it failed to take out this key swing high. We currently see consolidation happening. Stochs alert us to a bearish signal, but we need to wait for MACD to cross below 0-line. In such a case, looking for short trades below 1.07293 with stops at 1.09459 (followed by the current resistance level as the next stop loss level) will see downside targets, with a BE level coming in when price dips to 1.04908. In such a case, trailing stops (at swing points) would be ideal to follow the bearish trend.
Failure to make a fresh swing low below 1.04908 will indicate to either a correction or even perhaps a change in trend altogether.
Although price tried to breach higher, it failed to take out this key swing high. We currently see consolidation happening. Stochs alert us to a bearish signal, but we need to wait for MACD to cross below 0-line. In such a case, looking for short trades below 1.07293 with stops at 1.09459 (followed by the current resistance level as the next stop loss level) will see downside targets, with a BE level coming in when price dips to 1.04908. In such a case, trailing stops (at swing points) would be ideal to follow the bearish trend.
Failure to make a fresh swing low below 1.04908 will indicate to either a correction or even perhaps a change in trend altogether.