AUD/NZD: High-Vol Trendchannel breakAUD/NZD: High-Vol Trendchannel break
> month-long trendchannel broken to the downside
> Double top formation with first lower high inside of broken channel
> POC above current PX
> countertrend broken
> weekly high 2x rejected
> daily lows about to break
> little volume on way to tp
Audnzdshort
AUDNZD top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
SHORT ON AUD/NZDVery nicely structured price action on this pair.
Price has broken a major support/demand zone and has formed a bearish flag pattern.
Candles have broken below the support line of the pattern and should continue falling.
Here is the play I will be taking on this trade.
P = 1.09520
SL = 1.09743 - 25 PIPS
TP = 1.08482 - 100 PIPS
Jamie Gun2Head Idea - Selling AUDNZDTrade Idea: Further AUDNZD selling
Reasoning: Fading short term resistance
Entry Level: 1.0964
Take Profit Level: 1.0944
Stop Loss: 1.0970
Risk/Reward: 3.33:1
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AUDNZD we can see break of bullish structure. Price formed higher highs and higher lows. It then created strong bearish candle that broke trendline and also created new lower low. Soon after price failed to push through the previous high and created new lower high. Price then confirmed the reversal with break of previous lower low level.