AUD/NZD - Opportunity for short selling

23.04.2018 / 00:27

Rating:

AUD/NZD Our Expectations: Mid-termed short trend, correction to horizontal and diagonal resistance. Opportunity for short position with stop 1.0717.

Alternative scenario: If the price cannot maintain positions and goes above the two resistances, this scenario will be cancelled. The next resistance comes around 1.0728 and if she fails, bulls will set their eyes at the 200 SMA.

Commentary: Declining movement, correction to horizontal and diagonal resistance. This level coincides with 28.2% Fibo and 50-SMA, making it more important. 50/200 SMA's are in bearish formation. Price action signal of a pin bar, followed with 50% correction. For a safer entry, as CCI 50 is below 0, we wait CCI 14 to cross below 100 and gets out of the over-bought area. This will give us additional indication, that the price will fall.

SL: 1.0717

Trader Aleksandar Kumanov

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AUD/NZD - Opportunity for short selling

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