Like I have been saying over the past couple of days, AUDxxx pairs are reversing from their bullish trends, and AUDNZD is one of them.
Above we have a support trendline above which a triple top formation formed.
- The neckline support of this formation was broken in a very strong bearish candle.
Additionally, a greater support trendline, the larger one we see, has been broken as well.
This larger trendline is better seen on the 4h.
Also, the daily candles show that price has reached resistance at 1.0747 - which is an area of previous resistance.
This trade is designated a reversal trade, and I will be adding to my short positions on continuation setups on the 1h and 4h charts (like wedges, flags, and triangles)