FX:AUDNZD   Australian Dollar/New Zealand Dollar
24 0 0
  • Price broke out of the huge range between June and October
  • Created a new structure low in November
  • Pushed back and tested the previous support turned resistance
  • Has not set a new structure low, but some interesting aspects on price action here

-Price fell back into a range in line with previous support
-After a single day move up to the .5 Fib level, had a huge bearish candle back into the range
-This seems to indicate that the bears are not finished yet
-Would like to see price break the previous structure low, then return and test that same level

This will setup for a RR of 1:3 or 1:4 trade

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