I have a short bias based on a combination of the following factors:
- Supply level test
- 7 month trend line resistance test
- fibonacci cluster zone
- low volume profile node
Additionally, XAUNZD (Gold/NZD) is at a significant point of resistance, and unless it breaks out I'm expecting an appreciation in NZD, which lines up well with an expected depreciation in AUD, considering the 7 month downtrend and extention to the trend line resistance/supply zone. Risk is small here with SL above the red supply zone, and target at the lower demand zone for a 3:1 reward: risk trade.
- Supply level test
- 7 month trend line resistance test
- fibonacci cluster zone
- low volume profile node
Additionally, XAUNZD (Gold/NZD) is at a significant point of resistance, and unless it breaks out I'm expecting an appreciation in NZD, which lines up well with an expected depreciation in AUD, considering the 7 month downtrend and extention to the trend line resistance/supply zone. Risk is small here with SL above the red supply zone, and target at the lower demand zone for a 3:1 reward: risk trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.