AUDNZD - analysis.
For about a month we have been rallying to the upside as expressed via the daily ascending trendline.
Price-action has been showing signs of exhaustion (reversal pattern) and rejected weekly resistance (1.06005). Price needs to break daily support (1.05126) and form a continuation pattern to warrant a continuation to the downside to the level (1.04288).
Safer short option would be for price to achieve a nice daily break of the 4 hour support (1.04652) followed by a continuation pattern.
For the buy to be considered I require a nice pullback for a structural retest given the extensive move recently before a nice confirmed break.
For about a month we have been rallying to the upside as expressed via the daily ascending trendline.
Price-action has been showing signs of exhaustion (reversal pattern) and rejected weekly resistance (1.06005). Price needs to break daily support (1.05126) and form a continuation pattern to warrant a continuation to the downside to the level (1.04288).
Safer short option would be for price to achieve a nice daily break of the 4 hour support (1.04652) followed by a continuation pattern.
For the buy to be considered I require a nice pullback for a structural retest given the extensive move recently before a nice confirmed break.