WK25, AUDNZD, Short, multi time frame
Daily analysis
If we see a break of this minor support level and a retest then it could be a good opportunity to enter a short trade on this pair
Target 1 - 1.05875 (R:R - 1.1)
Target 2 - 1.30503 (R:R - 3)
- Last week we saw a new lower low on the daily chart as well as a break below a key level.
- During this break we also saw a bearish engulfing candle mid-week so we can expect further downward movement.
- Friday's candle showed some indecision (spinning top candle pattern) so we must look at lower time frames.
4H analysis - Price broke below the key (dashed) level and has been testing a minor support level
- The most recent rejection of the key level 1.06804 was also a rejection of the 200EMA
If we see a break of this minor support level and a retest then it could be a good opportunity to enter a short trade on this pair
Target 1 - 1.05875 (R:R - 1.1)
Target 2 - 1.30503 (R:R - 3)
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