Good morning Forex Kings,

This morning we are looking at a technical set up, short term trade.

The AUD is being weighed down by elevated corona-virus fears, an additional 15,000 cases were reported yesterday due to a new testing method that wasn’t available previously.

We are now waiting for todays figures to be released over the next hour.

Technical Analysis

AUDNZD – 4 Hour Time Frame

From a technical perspective, the pair appear to have created a head and shoulders formation. There is also a potential bear flag set up. Technically trade setups don’t get much better than this.

Trade Setup: SELL AUDNZD, market order (our price 1.0447), stop loss: 1.0477 and take profit left open targeting the 1.0377 level

Stop Loss: 30 PIPS

Take Profit: Open (100 PIP target)