AUDNZD’s bears have confirmed a further May sell-off after a week of failure at the 1.0940 resistance level.

As a result, my May 16 short trade plan has exited in profit:

https://www.finlogix.com/analysis/20240516/audnzd-intraday-analysis-and-trading-plan-for-may-16-2024

An overall record of 1 win and 1 loss respectively.

To start my analyses today, I am updating the AUDNZD cross pair.

There are no major Australian economic reports released this week while there are no further scheduled reports for New Zealand after RBNZ remained at a 5.50% cash rate yesterday.

Re-assessing AUDNZD’s high timeframe candles:

Yearly Candle: Still a Green Long-Legged Spinning Top since last check

Monthly Candle: Still a Red Body with a Long Head Wick since last check

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Shaven Bottom with a Big Body

Daily Candle: Previous close is a Big Red Body current is developing a Red Body with a Longer Head Wick

I’m focusing on the bullish weekly FVG that was formed on March 11 to 25.

I mentioned previously that there are incoming 4H bear and death crosses plus a bearish FVG that helped solidify a resistant 1.0940!

We can also see a sell side liquidity run that has completely destroyed April 18 external lows fueling up a more southward price direction.

It will be up to the bullish weekly FVG’s hands to either stop the bears’ rampage or catalyze the selling even more.

I’m not going to short AUDNZD again as it is seeking comfort towards its bullish weekly FVG.

Since it’s already oversold on the 4H time frame, I will open a long position in the weekly FVG’s territory instead while putting a stop loss just below its 100% retracement.

If this long trade’s going to be successful, I’m taking profit towards the next attempt on the 1.0940 resistance upon the price recovery’s commencement.

Let’s see how this one goes and good luck.

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 23, 2024

May 23 2024

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