AUDNZD: Bearish Megaphone

AUD\NZD Bearish Megaphone Chart Pattern

A bearish Megaphone chart pattern has appeared at the AUD\NZD exotic pair. The Megaphone chart pattern consists of two expanding trend lines that bound price action. The expansion movement suggests that the trend is not regular and is about to reverse.

Note the gap at the opening of the trading week. This also suggests that the trend is very weak and that price is about to breakout downwards. However, we do not predict a breakout but join it, so we will wait for a breakout of the Support line to enter a Short trade.