AUD/NZD has been trading a symmetrical triangle pattern, price action just above the daily cloud.
- Upside on the day has been rejected at triangle top resistance at 1.0875, with formation of inverted hammer.
- Cloud offers strong support on the downside, break below would confirm further downside.
- AUD/NZD is currently trading at 1.0844, with immediate resistance at 1.0875 (triangle top) and then at 1.0882 (Nov 4th highs).
- Cloud top at 1.0813 is immediate support on the downside, breaks below could see next support at 1.08 (5-DMA).
Recommendation: Good to go short on breaks below 1.0813 (cloud top), SL: 1.0875, TP: 1.0770/1.0725/1.07
