FX:AUDNZD   Australian Dollar/New Zealand Dollar
140 5 7
Price is trending down on this weekly time frame. Price has recently retraced to a previous area of support and formed a bearish pin bar . The bearish pin bar indicates that sellers have taken control of price during the last week and may continue to push price downwards. Price is also trading in between the 10 and 20 moving averages and has also retraced to the 50% Fibonacci level. Entry can be placed half way of pin bar , stop loss placed above pin bar and target placed at next level of support. Reward is about 3:1.
Some points below to counter your bearish outlook
1. Technically it is a Pin Bar but it is insignificant in comparison to the bullish bar.
2. Down Trend Line has been broken
3. PA has not made lower lows on 4H

I would play it as a long if we get a pull back to 38.1 - 0.5 fib levels
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Hi there Jorv, thanks for your feedback.
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Nice analysis that confirmed my entry for short. Could you tell what do you recommend for TP levels?
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asferruzzi PRO SauliusBalciunas
Hi there. For a short trade like this one I always place my target at the next logical level of support. if you zoom out the above chart, back in April 2015, price bounced off a level, so that is my logical support area. Always with my trades I monitor price and if I suspect that sellers are losing momentum as price is trending down then I will close the trade early.
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Thanks

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