AUDNZD - short setup
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Higher time frames are trending down, the weekly has crossed MA 200, which is a strong higher time frame confirmation indicating AUD weakness against NZD, 1-hour bearish engulfing candlestick closure breaking past MA 20 and 50 does confirm strong selling power. The trade has the potential to re-test the previous bottom; however, at night, we will have extremely powerful AUD news of GPD Q3, which will undoubtedly impact the trade's direction.
Higher time frames are trending down, the weekly has crossed MA 200, which is a strong higher time frame confirmation indicating AUD weakness against NZD, 1-hour bearish engulfing candlestick closure breaking past MA 20 and 50 does confirm strong selling power. The trade has the potential to re-test the previous bottom; however, at night, we will have extremely powerful AUD news of GPD Q3, which will undoubtedly impact the trade's direction.
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