AUDNZD - Bearish Breakout with 1:3 Setup on 4Hr
Taking a look at the 4h timeframe, we can see price action broke and held below the ascending trendline.
For me this indicates potential topping action. This pair is also heavily overbought on the daily timeframe so a correction at this point shouldn't be too much of a surprise.
Cooper prices also continue to get slammed which may contribute to some Aussie weakness.
Further more, we don't have any further major economic reports on the docket this week for either NZD or AUD which may cause this pair to correct. The Australian dollar does tend to have a correlation as a Risk-On currency with US equities. Today in the US session we saw both the Dow and SPX lose some of it's bullish momentum.
Trade Safe!
For me this indicates potential topping action. This pair is also heavily overbought on the daily timeframe so a correction at this point shouldn't be too much of a surprise.
Cooper prices also continue to get slammed which may contribute to some Aussie weakness.
Further more, we don't have any further major economic reports on the docket this week for either NZD or AUD which may cause this pair to correct. The Australian dollar does tend to have a correlation as a Risk-On currency with US equities. Today in the US session we saw both the Dow and SPX lose some of it's bullish momentum.
Trade Safe!
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Managed Forex Accounts
➡️ manage.forex
Track Record
➡️ tinyurl.com/y67rnwrd
➡️ linkedin.com/in/forexdaytrader
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