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AUD/NZD technicals and trade setup

FX:AUDNZD   Australian Dollar/New Zealand Dollar
131 0 5
AUD/NZD bulls seems to have exhausted at trend line, Shooting Star and Doji sends bearish signals

Aussie dollar’s continues streak of Bull Run against Kiwi dollar has come into halt at around 1.1243 and 1.1264 levels.

That is where back-to-back “Long legged Dojis and Shooting Star” patterns occurred at 1.1247 and 1.1240 levels.

These candle patterns are highly bearish in nature that have occurred at resistance levels of 1.1243 levels to evidence the downswings below 7DMA.

As a result, we could see current prices have slid below 7DMA.

At this juncture one can observe the leading oscillators bearish convergence to these declining rallies.

RSI right from overbought trajectory has been converging downwards to these bearish effects that signal the strength in these selling sentiments in the spot.

While, stochastic on the other hand evidences the %D crossover above 80 levels which is again an overbought territory indicates the selling momentum for the day is intensified.

Hence, at spot ref: 1.1241 levels one can go short this near futures for targets of 40 pips southwards with a stiff resistance at 1.1264 levels.
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