We’ve got a nice downtrend in play here on the AUDNZD chart, price stepping downward in the LH LL fashion. Recently the market found support at a strong weekly support level and corrected back up into the mean value.
This area held as dynamic support with most candles this week demonstrating rejection of higher prices. This area also lines up with the last swing low that was printed creating a bit of a boiling point, or hotspot for selling activity. Last session closed as a strong bearish rejection candle with a nice bearish tone in it’s body, promoting lower prices to come.
Traders really need to watch that weekly support below, any signs of strong bullish activity like heavy bullish rejection, or any bearish breakout traps below the weekly level that occur would be a red flag to consider closing your position or at least moving stops to break even..