AUDNZD Swing High| Double Top| Local Support| .50 Fibonacci

Evening Traders,

Today’s Analysis – AUDNZD – testing a key swing level, respecting it will establish a double top, immediate target local support.

Points to consider,
- Impulse bull move
- Swing high liquidity zone
- Local support confluence (.50 Fibonacci)
- Oscillators above 50
- Volume below average

AUDNZD’s impulse move is stalling at a key liquidity swing high, bearish price action will increases the probability of a rejection.

The local support is the immediate target, this area is in technical confluence with the .50 Fibonacci, and price respecting this zone will solidify it.

Both oscillators are above 50; maintaining this will keep the bullish short term bias in the market. Price rejecting will divert both oscillators to neutral mid-point area.

The volume profile is currently below average, an influx is likely as price impulses, volume follow through is needed for continued momentum.

Overall, in my opinion, AUDNZD is a valid short at swing high with defined risk. Price action is to be used upon discretion/ management of the trade.

What are your thoughts?

Thank you for following my work !

And remember,

“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”
― Yvan Byeajee