AUDNZD: Wait for 4H close

AUDNZD is looking bearish. Comparing the NZDUSD and AUDUSD, we can see why this pair will be heading down. NZDUSD is resting on a major support, while AUDUSD made new lows. We are waiting for AUDUSD to retest the new resistance to confirm the downtrend, same reason for the AUDNZD. We are waiting for a 4H close below the trendline.

A possible Cypher Pattern is on the way as well, which can be used to grab some pips in between the move down. Also it will give us a great opportunity to short at target 2 of the pattern.

Trade with care.