Hello, dear traders and colleagues. I wish you all a successful trading week. Let's examine the AUDNZD chart to identify a potential selling opportunity.
As you can observe, the price is currently testing the upper boundary of a bearish channel, which has been acting as a resistance following an extended rally. Recent price movements in the past two days show signs of exhaustion, further increasing the likelihood of a bearish move.
Additionally, by examining the daily candlestick, you'll notice that we've experienced upside rejections in the last two days, indicating the presence of selling pressure.
To initiate a sell position on this pair, we would prefer to witness another upward movement, aimed at clearing liquidity from above the horizontal arrow we've marked on the chart. Subsequently, we'll look for a break below the short-term bullish trendline that has kept the price elevated during the recent bullish movement.
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Still waiting for a proper rejections from the channel upper boundary, till then we are patiently only watching the market.