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We are analyzing the activity of HFT algorithms in today's trading session and note that the AUDNZD pair is showing signs of reversing down after forming a top earlier in the morning.
Namely, AUDNZD early in the Asia session reached the light HFT selling pressure zone that is located at 1.1160 and above. The price reacted well here; AUDNZD reversed down, forming a bearish M top pattern on the hourly chart.
Fx traders may look for the bearish price action to extend now, with the 1.11 zone as the next key focus on the chart. Below it, traders will watch the light HFT buying pressure zone, which is noted today at 1.1040 and below.
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