AUD/NZD - Short
Descending triangle chart pattern set-up is about to form, Price has touched the declining trend line for the third time and is starting to reach its end. As of right now price has been consolidation for the past week on the 1Week Timeframe support level
*Fibonacci retracement shows price touched 0.5 fib level and has been downsides ever since. Price is currently sitting on the 0.236 level and should continue to consolidate for a few days before breaking support level.
*Ichimoku indicator is currently stagnant. Which validates consolidation but is still on a bearish trend. Chikou span is under price. Kumo cloud is forming a bearish cloud and price has recently bounced off kumo cloud resistance
*Fibonacci retracement shows price touched 0.5 fib level and has been downsides ever since. Price is currently sitting on the 0.236 level and should continue to consolidate for a few days before breaking support level.
*Ichimoku indicator is currently stagnant. Which validates consolidation but is still on a bearish trend. Chikou span is under price. Kumo cloud is forming a bearish cloud and price has recently bounced off kumo cloud resistance
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