AUDNZD: The Overbought Market Is Good For Trading

The market looks overbought. RSI confirms the price reversal from 1.07000 resistance level. MACD histogram supports a possible downward movement, which is a breakout of absolutely logical in the current market conditions. MACD lines are going to the support sellers.

It is possible to open short term sell trades using the lower timeframes with stop orders above the daily swing high. As a variant, it is possible to wait for a breakout below the uptrend line and open medium and long term trades. Stop orders also should be placed above the resistance level and the local swing high. Profit targets can be SMA100, SMA200, and support levels.

The market has space for the downward movement. If you want to get additional signals confirming the downward movement, wait for the breakout below the uptrend line and ADX line, which should start falling.


P.S. If you like my work, please support it by your likes and comments! Thank you!