AUDNZD’s bulls are steady keeping its 3-year lower high and higher low trendline alive. A complete break above 1.11 can lead to re-test the decade-long bearish yearly FVG.

To end my analysis today, I am including the AUDNZD cross pair in my long Forex list.

There are 3 major Australian economic reports this week starting on Wednesday while there is only 1 for New Zealand released yesterday.

Assessing AUDNZD’s high timeframe candles:

Monthly Candle: Previous close is a Green Body current is a Red Doji

Weekly Candle: Previous close is a Red Long Upper Shadow current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Long Upper Shadow current is a Green Long Lower Shadow with a Small Body

AUDNZD remains trading below its decade long yearly FVG. This formed a long term range from 1-1.10 levels. This is our long-term analysis.

For the record, the cross pair is manifesting a bullish motive on the short-term.

On the 4H chart, April 25’s rally has formed a bullished FVG that resulted in 2024 high and this very FVG became a valid order block after fully retraced last May 8.

Intraday dips formed a double bottom structure causing a price rebound after yesterday’s almost 1.10 pin bar rejection.

The recent 6 4H downticks have further validated the said order block. From here, AUDNZD’s bulls are ready to challenge yesterday’s internal resistance as well as last week’s.

Based on these top down analysis, I am trading between the 4H 50-SMA as resistance while the 200-SMA as support.

Even though bearish on the long-term view, short-term’s bullish scenario is promising.

I will open a long position with the following orders:

Entering through the pullback at the current 4H rallying candlestick with a minimized stop loss and a rewarding take profit target.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

AUDNZD Intraday Analysis and Trading Plan For May 14, 2024

May 14 2024

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