Laban132
Short

Plenty of bearish confluence racking up on AUDNZD

FX:AUDNZD   Australian Dollar / New Zealand Dollar
No doubt who is in control here. Pretty much a selloff since 2011-ish, with bullish pullbacks here and there.

In the start of December '14, a bearish crossover occurred on the D1 after a pullback, and the selloff continued down.

Yesterday's candle (Monday, 09/03) showed a clear rejection of the key level around 1.0515 and the 50EMA.
Bears are definitely present at this level, and heaps of bearish confluence are loading up at this level;

1. Overall bearish momentum
2. D1 death cross
3. Possible rejection candle approaching
4. Rejection of key support
5. Rejection of dynamic resistance (50EMA)
6. Head and Shoulders pattern ( bearish continuation pattern)
(7. close to a rejection of 50% fibo lvl             )
(8. Slight MACD divergence)

Normally I go for 4-5 confluence factors, to place a trade, so if another rejection occurs today, I am definitely looking to get short on this pair, with 6-8 confluence factors supporting a short trade.

//Laban132
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