Bearish Gartely AUDNZD Daily Chart
AUDNZD on the Weekly Chart had been ranging, the current price is near the critical resistance level and is within the buy zone.
Reason to short:
1) RSI had shown an oversold condition
2) Zooming into H1 what seems to be like a double top forming
I personally would wait for the pullback at H1 (looking at the completion of the double top) and RSI to present an oversold condition before entering. This would give us a better risk to reward ratio.
Entry: 1.1204 - 1.1506
SL: 1.1340 ( -220 pips)
Tp1: 1.0917(+203 pips)
Tp2 : 1.0754 (+366 pips)
Tp3 : 1.0549 (+570 pips)
This would be a swing trade and be prepared to hold for a longer period.
Reason to short:
1) RSI had shown an oversold condition
2) Zooming into H1 what seems to be like a double top forming
I personally would wait for the pullback at H1 (looking at the completion of the double top) and RSI to present an oversold condition before entering. This would give us a better risk to reward ratio.
Entry: 1.1204 - 1.1506
SL: 1.1340 ( -220 pips)
Tp1: 1.0917(+203 pips)
Tp2 : 1.0754 (+366 pips)
Tp3 : 1.0549 (+570 pips)
This would be a swing trade and be prepared to hold for a longer period.