AUD/NZD - H1
Our expectations - The price is in a short-term downward trend, and the latest adjustment to key levels of resistance provides a good opportunity to add to the short positions. The pair reached a resistance zone formed by an internal horizon, a major diagonal, 200SMA and 38.2% Fibonacci correction of the main trend. From Price Action's point of view, we have an absorbing bar at levels of resistance - negative for the price. Sequential begins a new count down, signaling a start for a new downward impulse. DeMarker points down from an overpurchase zone - negative for the price.
SL: 1.09445
Alternative Scenario: If the price goes above the resistance zone and stays there, the negative scenario will break and we will likely see the currency pair grow.
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