AUDNZD - Crunch time at Strong Support
Updated
Zoom out on the daily chart and see how often this level has been tested and held. R:R is good. As far as I can see, there is no entry yet. There might have been a bullish cypher pattern there, but the extension upward did not meet criteria.
I'd like to see some price action over the next few hours before making a decision and perhaps see some indicators turn around. The Aussie has been very week over the last 10 days or so, and with such a strong down trend, we can probably expect to see more. It is coming into key support though, so keep an eye on it. If it breaks below and retests, then a short is on. If it holds and shows some strength, then a buy is on.
Be prepared for whatever the chart tells you.
I'd like to see some price action over the next few hours before making a decision and perhaps see some indicators turn around. The Aussie has been very week over the last 10 days or so, and with such a strong down trend, we can probably expect to see more. It is coming into key support though, so keep an eye on it. If it breaks below and retests, then a short is on. If it holds and shows some strength, then a buy is on.
Be prepared for whatever the chart tells you.
Note
The support zone was broken and price has retested previous support (now resistance). Short entry would be have been 1.0294 and down for an easy 150 pips.We're now seeing some bullish divergence, so if you are still short, take some profit, or move SL to BE.
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