05/01/2015 AUDNZD looks set to resume bearish run

AUDNZDDaily00The pair may be set to continue the plunge that has been on for over eight weeks. An inverted hammer seems to be forming on the daily chart, rejecting the Bollinger bands midline as well as minor resistance around 1.05475. As we expect the Trade balance figure from Autralia, a negative result will be a good catalyst to drive this pair downwards. On the other hand, a positive result will likely push the aussie higher continuing the retracement.

 TREND- Bearish

ENTRY IDEA- Looking to enter bearish on the break of the today’s low

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