The Aussie Dollar traded higher recently against the Kiwi Dollar, but it looks like it may be forming a short-term top soon. Looking at the daily chart, there is a possibility that the AUDNZD pair is on the verge of completing a cycle.
So, I think we should look for a sell opportunity on the lower time frame chart. There is already a convergence formed on the 30-mins chart, and the pair corrected in two waves higher. So, we can enter around the 1.1020-30 levels or wait for a false break to enter. An important point to note here if the pair continues to move higher, then we will plan for a buy trade in that scenario depending on the conditions at that time.
Technical Analysis
Daily – Daily chart highlighting a possible completion of a cycle in the AUDNZD pair.
Sell Entry:
M30 – We can enter a sell trade around the 1.1020-30 levels, or if the pair spikes higher and make a false break, then we can enter sell trade.
Target 1: 1.0940
Target 2: 1.0900
Stop Loss: 15 pips + above the last high created before entering the trade.
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