A bearish pressure formed by an OB @ 1.08515 has caused this constant and significant downtrend in price recently. Despite the long term bullish nature of AUDNZD, we are seeing both oversold stoch and negative momentum on the daily time frame. This has been paired with a small rejection from a strong daily bullish OB meeting at the weekly trendline. Will this pressure be enough to break through and create a longer term reversal? Or is this momentum temporary with the liquidity beneath enough to refuel the bullish pair. Im seeing two options here:
1) a rejection @ 1.07317 with a strong bullish move. We are still yet to see the very significant FVG being filled. This option seems more favourable and less risky. Since it works in favour of the trend.
2) a break through around 1.06440 and a bearish continuation
1) a rejection @ 1.07317 with a strong bullish move. We are still yet to see the very significant FVG being filled. This option seems more favourable and less risky. Since it works in favour of the trend.
2) a break through around 1.06440 and a bearish continuation