Possible AUDNZD Short setup Short
Australian Dollar/New Zealand DollarFXCM
Description
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Possible short setup for AUDNZD on the 1D time-frame.
The pair has risen to meet a long-term ascending trendline and is showing signs of consolidation, particularly evident on the 4H chart.
The RSI is showing the pair is currently overbought and MACD is close to signalling a fall.
I am waiting for a little more consolidation and confirmation of a couple of bearish candles + MACD before taking a position.
I see the trade being short down to at least 1.05350 which is a previous resistance, but there is scope for further downward pressure.