AUD/NZD: Double Trouble - Resistance & Fibonacci Signal Bearish
AUD/NZD has been confined within a well-defined bearish channel for a considerable period. This indicates a downtrend with a series of lower highs and lower lows. The price has recently reached a key resistance level that coincides with a significant Fibonacci retracement zone between 0.5 and 0.618. This confluence of technical factors suggests a high probability of a bearish breakout.
Key Observations:
Bearish Channel: Price action is clearly trapped within a descending channel, highlighting the ongoing downtrend.
Resistance & Fibonacci Convergence: The current price zone near 1.095450 aligns with both a key resistance level and a critical Fibonacci retracement area (0.5 to 0.618). This confluence strengthens the bearish bias.
Strong Bearish Momentum: Price action at this resistance level exhibits strong bearish momentum, suggesting a potential rejection and continuation of the downtrend.
Trading Recommendation:
Based on the technical observations, a short position on AUD/NZD appears favorable. However, proper risk management is crucial.
Entry: A short position can be initiated on a confirmed break below the channel's lower trendline or a strong bearish candlestick reversal pattern at the current resistance level.
Stop Loss (SL): A stop loss can be placed above the recent swing high or the upper trendline of the bearish channel, depending on your risk tolerance.
Take Profit (TP): Potential take-profit targets can be identified based on Fibonacci extension levels or the measured move of the preceding bearish leg within the channel.
Risk Management:
Remember, always adhere to proper risk management principles. Ensure your stop loss is strategically placed to limit potential losses, and take profit targets should be established based on your risk-reward ratio.
Disclaimer:
This analysis is for informational purposes only and should not be considered as investment advice. Always conduct your own research and due diligence before making any trading decisions.
Key Observations:
Bearish Channel: Price action is clearly trapped within a descending channel, highlighting the ongoing downtrend.
Resistance & Fibonacci Convergence: The current price zone near 1.095450 aligns with both a key resistance level and a critical Fibonacci retracement area (0.5 to 0.618). This confluence strengthens the bearish bias.
Strong Bearish Momentum: Price action at this resistance level exhibits strong bearish momentum, suggesting a potential rejection and continuation of the downtrend.
Trading Recommendation:
Based on the technical observations, a short position on AUD/NZD appears favorable. However, proper risk management is crucial.
Entry: A short position can be initiated on a confirmed break below the channel's lower trendline or a strong bearish candlestick reversal pattern at the current resistance level.
Stop Loss (SL): A stop loss can be placed above the recent swing high or the upper trendline of the bearish channel, depending on your risk tolerance.
Take Profit (TP): Potential take-profit targets can be identified based on Fibonacci extension levels or the measured move of the preceding bearish leg within the channel.
Risk Management:
Remember, always adhere to proper risk management principles. Ensure your stop loss is strategically placed to limit potential losses, and take profit targets should be established based on your risk-reward ratio.
Disclaimer:
This analysis is for informational purposes only and should not be considered as investment advice. Always conduct your own research and due diligence before making any trading decisions.
İşlem kapandı: hedefe ulaştı
Target Reached
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.