AUDNZD Opportunity for good profits with minimal risk

Our expectations: Medium-term downward movement with correction to resistance levels.

Good positioning levels with SL: 1.1010

Comment: On a monthly chart, the price is pierced, tested and repulsed by a highly diagonal level that puts the long-term downward trend under test. Currently, the price is in consolidation, which is clearly expressed on a weekly schedule. Consolidation forms the technical figure triangle, which is not yet confirmed.

The daily chart has reached strong levels: horizontal level and 61.8% Fibonacci. The long upper shadows and the short lower tails of the previous bars, as well as the closure below these levels, and their shape, show the power of the bears. It is possible that the short-term upward impulse is over.

At a lower graph of 1 hour, the technical head and shoulders are formed. It is confirmed by a breakthrough, test and repulsion from the neckline.

DeMarker So far, we have no clear signal from the oscillator. The only signal from the indicator is entering the over-bought state.

Alternative Scenarios: A break at the 1.09288 level will trigger multiple long positions.

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