In this chart, the price has come down passing the second bottom red line making it a resistance line. So we will have to look for price confirmation. If the AUDNZD is going up, the price should increase the bottom red resistance line and it should immediately come down after that. So it means the price is rejected by that resistance line.
So we expect the price to go down. If it happens as shown in the above chart, then you can place a sell trade with confidence. Do not just engage in early trades. First wait for confirmation. And then wait for the rejection of price by the resistance line. Then sell.
So that’s all for today related to AUDNZD. Let me know your experience with this strategy. I am expecting your valuable comments for this analysis also.