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AUDNZD: A potential short term bearish setup

Publish Date19/11/2012 01:57:16 PM

Last Update19/11/2012 02:07:56 PM

 AUDNZD: A potential short term bearish setup

The rally in  AUDNZD reached the long term 200-days Simple Moving Average, after breaking a major horizontal resistance around 1.2700. However, price has found resistance around the average, meanwhile; signs of exhaustion were seen on RSI, hinted a strong bearish divergence.

The pair has retreated again and currently retesting the broken resistance which turned into support, which is also a neckline for a bearish head and shoulders pattern as shown on the four-hour chart above. A clear break below 1.2700 would complete the technical pattern and clears the way towards further selloff, targeting mainly the main ascending trend line that carried the latest wave currently around 1.2590, which is also the full target of the H&S pattern.

A break below the 1.2590, will indicate a major bearish continuation scenario, for the whole bearish wave that started from  1.3080 top,  and the main target would be a retest of the recent lows at 1.2368.

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