AUD/NZD Analysis - Short Setup

29 nov

The AUD/NZD pair shows a clear bearish trend with the following key highlights:

Break of Structure (BOS): Multiple BOS levels confirm the bearish momentum.
Change of Character (ChoCH): Signs of a bearish market structure shift further validate the downtrend.
Strong High at 1.1024: This level acts as a resistance zone, providing an optimal area to short, as price is unable to break higher.
Target Zones: The weak low around 1.0971 and the demand zone near 1.0940 are potential levels where price may react or consolidate.
Stop Loss: Placed above the strong high at 1.1024 to manage risk effectively.
Plan:
Short positions align well with the current bearish trend. Monitor the reaction at the resistance zone and ensure proper risk management, targeting lower levels in line with the bearish structure.