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Huge bearish candle created not so far from supply zone and resistance set down by a trend channel bringed on engulfing pattern. This chart is actually pretty hard to play with because of distance which price had already gone. Simply, the risk-reward ratio isn’t very satisfying but you can try to enter short position in a probable corrective wave heading to the bottom of channel.
A minor recovery from few days ago is slowly negated by bears on AUD/NZD. Looking how dynamic this fall was, we can’t really be sure if bulls will make out. More probable is fall scenario, but this can be actually better for traders. If you play it in a correct way, you will open position compatible with longer trend which is a lot safier. Nearest probable demand zone is marked with red line.
There are some chances to spot pretty problematic outsidebar candle. It is placed right under important resistance and in a bearish trend. If you won’t decide to play this signal, you should definitely monitor this pair to avoid to overlook better, bearish pattern. [pullquote]Try out these signals at FxGrow account.[/pullquote]