Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

AUD/NZD - Bearish Continuation Outlook to 1.0570

AUD/NZD has been consolidating for several months. Recent price action shows that the consolidation might end up being a price top.

AUD/NZD 4H Chart 10/14


(click to enlarge)

First let's look at the 4H chart, which simply looks like a downtrend that stalled but is now reviving as price dips below the 1.0848 support. The 4H chart gave me a great bearish entry, but trade management got thrown off by the pullback when price stalled briefly at 1.09. I basically got out of the trade with a minimal gain, which I try not to complain about. Now, I am planning to put another sell after a pullback up to 1.09 if that happens. 

AUD/NZD Daily Chart 10/14

(click to enlarge)

The daily chart shows that price top I mentioned earlier. We can have a bearish outlook towards at least the 1.0570-1.06 area.