AUDNZD Swing High| Double Top| Local Support| .50 Fibonacci
Evening Traders,
Today’s Analysis – AUDNZD – testing a key swing level, respecting it will establish a double top, immediate target local support.
Points to consider,
- Impulse bull move
- Swing high liquidity zone
- Local support confluence (.50 Fibonacci)
- Oscillators above 50
- Volume below average
AUDNZD’s impulse move is stalling at a key liquidity swing high, bearish price action will increases the probability of a rejection.
The local support is the immediate target, this area is in technical confluence with the .50 Fibonacci, and price respecting this zone will solidify it.
Both oscillators are above 50; maintaining this will keep the bullish short term bias in the market. Price rejecting will divert both oscillators to neutral mid-point area.
The volume profile is currently below average, an influx is likely as price impulses, volume follow through is needed for continued momentum.
Overall, in my opinion, AUDNZD is a valid short at swing high with defined risk. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
Thank you for following my work !
And remember,
“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee
Today’s Analysis – AUDNZD – testing a key swing level, respecting it will establish a double top, immediate target local support.
Points to consider,
- Impulse bull move
- Swing high liquidity zone
- Local support confluence (.50 Fibonacci)
- Oscillators above 50
- Volume below average
AUDNZD’s impulse move is stalling at a key liquidity swing high, bearish price action will increases the probability of a rejection.
The local support is the immediate target, this area is in technical confluence with the .50 Fibonacci, and price respecting this zone will solidify it.
Both oscillators are above 50; maintaining this will keep the bullish short term bias in the market. Price rejecting will divert both oscillators to neutral mid-point area.
The volume profile is currently below average, an influx is likely as price impulses, volume follow through is needed for continued momentum.
Overall, in my opinion, AUDNZD is a valid short at swing high with defined risk. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
Thank you for following my work !
And remember,
“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee
Join my free telegram! t.me/chartdoctorsanconsultants
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Follow me on Twitter! twitter.com/pinkdawn__
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