AUDNZD: Update

AUDNZD broke its structure from the previous post (check the related ideas)
We are looking at a clear downtrend which leads to the conclusion that another dip with an impulsive leg to the downside is more likely to occur then not.

Price broke all of its previous structure while taking out the remaining support. Support should be turning into resistance and we can see how prices are reacting to the downside at the 62% retracements. This tells us we are potentially looking for a double bottom, ab=cd or gartley pattern to occur.

Going for an aggressive short entry with a tight SL just above the 62% retracements is not a bad idea, depending on your risk appetite. All though we do have to see a close below the major swing low to validate the ab=cd pattern, we would be looking for the double bottom or gartley pattern to emerge if this is not the case.

I will keep this chart updated

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Thank you for reading & happy trading

God bless