AUDNZD 4H Short out of support turned resistance

Price is in a downtrend and has now retraced into a key level on the 4H chart, as we've seen this zone hold as support for three bounces, and will now likely be an area of resistance. It is also the 50% fib retracement level, and we see price has pulled back nicely into the 4h 50MA. Stop is placed above the current trend line and the next fib retracement level, and we're targeting the last structural low as the first area of interest for profit taking. Will also look to take further profit at the 127% extension. TP1 gives this trade R/R of 3.5:1.

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