SamKent
Short

AUD/NZD head&shoulders plan

FX:AUDNZD   Australian Dollar / New Zealand Dollar
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We're following the AUD/NZD on the 4 hourly with the idea of seeing a right shoulder forming, generating a short for us at a confluence point between the left shoulder resistance line, the 50% retracement from the move down, the 50 SMA which has been acting as support and resistance prior, and finally the 50 RSI line. Notice the significant divergence between RSI and price prior to the recent move downwards, indicating the pair's momentum is looking very bearish indeed.
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