The bearish sentiment on AUDNZD has been going on for almost a year. The wave of declines is from time to time interrupted by bullish corrections and temporary consolidations. At the end of last week, the support from the daily chart was broken down to 1,0370. On the way, there was no opportunity to join this movement, until today.
Yesterday’s upward correction led the price near Kijun, which worked well as a resistance. The bearish bounce from it is a signal to enter the shorts. The Stop Loss can be set above the peak of the correction and the Take Profit on support at 1.0240. This gives about 90 pips of profit at SL below 30 pips.
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