Price has moved lower during the recent sessions on the AUDNZD after priced formed a solid bearish engulfing bar (BEEB). This BEEB ticked a lot of boxes such as:
– At swing high (value area)
– With the strong trend
– At an obvious key resistance level.
Once price broke through the low of the BEEB price smashed lower into ands passed near term support. Well done to the members who cleaned up this setup this week.
Price has now formed a bullish engulfing bar which could send price higher. The trend is lower so the majority of trading should be short selling within this current trend.
AUDNZD 4HR CHART – 7TH FEB 2013