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Facts: The pair is trading below a key resistance at 1.2086 AUDNZD sits below 100-period moving average
Recommendation: Trade: Short position on AUDNZD at market price Target: 1.1660 Stop: 1.2145
Opinion:
AUDNZD has been trading in an upward trend recently. However looking at the D1 interval, we can see that a potential trend reversal took place. The pair broke below the lower limit of 1:1 structure, which according to the Overbalance strategy heralds a bigger downward move. It seems that as long as the price sits below the 1.2086 resistance, one should expect the price to continue to fall. In addition the price sits below the 100-period moving average form D1 interval. We recommend going short AUDNZD at market price with a target of 1.1660. We also recommend placing a stop loss order at 1.2145.
Source: xStation5
