AUD/NZD formed a top

AUD/NZD formed a top

2020-05-04 • Updated

AUD/NZD formed a “shooting star” candlestick on the W1. The pair ran into the resistance line from the 2018 highs and failed to close above the 200-week MA at 1.0650. These are serious arguments in favor of the further decline. The initial target lies at 1.0510 (50-week MA). There may be some support at 1.0550 (trendline). Only the return back above 1.0650 will improve the picture.

Trade idea for AUD/NZD

SELL 1.0545; TP 1.0510; SL 1.0560

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