AUDNZD Grinding

The AUDNZD has ground to a halt with price being contained in a small range and unable to break higher or lower. The Daily chart of this pair formed a Bearish Pin Bar Reversal however we have seen little follow through with price stalling at support.

This Pin Bar was not the best signal for price action traders to take for the following reasons;

• Pin Bar not formed at the top sticking out from all other price
• Below the Pin Bar was support which could send price the opposite direction

This Pin Bar is still in play until price moves through the high. If price can break through support we could see price move much lower. If the support area holds however, we could see price move higher to test the upper side of the current range.

AUDNZD DAILY CHART