27 Jan 2016

AUD/NZD TESTING THE 4-MONTH TRENDLINE - SHORTS PREFERED

AUD/NZD DAILY

The rate is currently testing a four-month-old falling trendline resistance and while we are trading below it the short positions are prefered.

A shorter timeframe may provide with a better entry though.

AUD/NZD H4

The 4H chart shows a quite defined rising wedge pattern indicating the next move towards the larger range lows around 1.0600.

It may be a good idea to enter a smaller short position now and scaling in on a break of the wedge below 1.0750




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