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AUDNZD: a possibility for short positions after test of 200SMA

AUDNZD Daily

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Forex AUDNZD Our expectations:

Long term choppy and medium-term upward movement ending with Head & Shoulders formation. The neckline is broken as we can look for an entry in the 1.0834 - 1.08 area with a stop at levels 1.0892.

Price below resistance and the activated formation create expectation for downward movement.

Gap in the direction of the last downward momentum reinforces the probability of a bearish scenario.

Price under SMA50 and SMA200 - signaling negativity for the pair.

DeM (14) points downwards with a breakthrough potential below 0.3 and reaching a oversold area.

Alternative Scenario: Returning the price and holding above the neckline will break the negative scenario and we may see a test of the top to the right shoulder of the H&S formation or even a continuation of the upward movement.


 Trader Nikolay Georgiev

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