AUDNZD has hit a band of historical resistance that stretches back some distance and is carving out an M-Top pattern with a double top.
If the pattern completes we will have a SHORT trade on the break of the neckline at around 1.0662.
Both RSI and MACD are declining and the Andean Oscillator is suggesting that the BEARS are taking control as the BULLS position weakens.
All the indicators suggest we should be headed south from these levels and as we are now well above the key WR1 pivot, history tells us that the price will tend to want to come back to the WPP mid pivot and will not be able to stay above WR1 if there is BEARISH momentum.
It is Friday so the markets will be slowing down and we do have US news at 15:00 with ISM Manufacturing and Revised UoM Consumer Sentiment so we would need to be watching this trade if it triggers and adjust STOPS accordingly.
This is a 1:1 trade with a STOP above the high which sets our target to 1.0639 but as ever these STOPS and TP's are not set in stone and will be adjusted depending on momentum.
If the pattern completes we will have a SHORT trade on the break of the neckline at around 1.0662.
Both RSI and MACD are declining and the Andean Oscillator is suggesting that the BEARS are taking control as the BULLS position weakens.
All the indicators suggest we should be headed south from these levels and as we are now well above the key WR1 pivot, history tells us that the price will tend to want to come back to the WPP mid pivot and will not be able to stay above WR1 if there is BEARISH momentum.
It is Friday so the markets will be slowing down and we do have US news at 15:00 with ISM Manufacturing and Revised UoM Consumer Sentiment so we would need to be watching this trade if it triggers and adjust STOPS accordingly.
This is a 1:1 trade with a STOP above the high which sets our target to 1.0639 but as ever these STOPS and TP's are not set in stone and will be adjusted depending on momentum.