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Audnzdanalysis

AUD/NZD Short SignalChart Analysis Technical Analysis: - Price recently fell below a long term uptrend upper trend line and trading in a tight range near the lows of full range. - Price seems to be forming either a rising wedge *(bearish chart pattern) or a triangle wedge *(bear or bullish chart pattern). Supporting the indecision and why price trading in tight range BUT......slight rising wedge chart pattern, downward price movement and strong resistance level pushes more towards a weakening bullish starting to turn bearish. - Selling volume spikes above average has been around economic event announcements. - RSI giving a weak sell signal because price is above moving averages and vortex indicator is still bullish but with a narrow gap. Signals: (Recommendations and doesn't guarantee profits or losses) - Scalp Trade - Sell Limit: 1.11000 - 1.08000 - Take Profits: 1.10300 - 1.09700 - Reward/Risk Ratio: 2/3:1 - Day/Swing Trade: - Sell Limit: 1.10200 - 1.10100 *ENTRY AFTER PRICE FALLS BELOW AND RETEST MOVING AVERAGE AND WEDGE SUPPORT LEVEL (ASSUMING A BREAKOUT BELOW SUPPORT LEVELS) - Take Profits: 1.09700 - 1.0300 - Reward/Risk Ratio: 2/3:1
Short
by charrison4300
AUDNZD: Bearish outlook & supply setup Hey traders, FX:AUDNZD recently tested demand above the recent pivot high and failed. But in the process, stop orders in that zone were triggered, which qualifies as manipulation in my book. We then got a strong drop, formed a short base and continued down breaking structure to confirm downtrend. The base is a nice supply zone in itself, where I expect resting orders to be placed and traders waiting to get in. Last week we pulled back, but didn't quite reach the supply area. We also didn't fill the imbalance (yellow zone on chart) and the lower high here means liquidity is building above. Lots of confluence here and logic dictates, that if we move up to fill the imbalance and tap into the lower high liquidity, the supply zone is a high probability are for price to reverse. As a target, I'm simply looking at last week's low. But I believe we can go further than that. 1.092 is a logical area looking at daily chart. Feel free to use it for TP2. This is also my scratch level. If we move here before getting a retracement to the supply zone, I'm discarding the trade. Summary: AUDNZD 4H SELL SETUP Supply & Demand Trade Entry: 1.10605 SL: 1.1095 TP: 1.09525 Scratch level: 1.092
Short
by RonnyNilsson