AUD/NZD Trading Analysis (29/02/2024)

The trend is descending. The ascending wave structure is truncated. The currency pair is traded in the range between 365 and 135 ЕМА. There is bearish divergence on the Awesome Oscillator and the Stochastic Oscillator signals the overbought state.

Trading idea:

Sell when the formation of the descending wave structure begins, when the wave A breaches the sloping channel of the ascending truncated structure.

Stop-Loss at 1.0686.

Target price levels at 1.0640 and 1.0583.
 

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