PabloSantander
Short

AUD/NZD Due For a Reversal

FX:AUDNZD   Australian Dollar/New Zealand Dollar
167 2 4
AUD/NZD             is trading outside of its weekly/monthly trend line ( resistance level ) with a bearish pin bar found at the peak of the bull trend, indicating a highly probable move lower in the short term. Prices also rejecting the weekly 76% Fib level around the 1.12600 area adding conviction to the bear signals with an expected downside target around 1.10300.

Stop - 1.12953
Target - 1.10300

Stop hit. Waiting for close of weekly candle to determine a short entry - on the sidelines for now. (price needs to close below 1.1300 area for entry to be considered)
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I am not sure i could commit to a trade on this evidence, The pair seems to be in a pretty strong uptrend and with the prospect of another rate cut from the RBNZ growing with every news release I will be treating any drop as an opportunity to re enter long.
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