The following is the AUDNZD daily chart as of Jan. 24th, 2010 around 10 PM. If you observe the graph you can see that it is going in a channel.

1) The chart has reached the upper channel line.

2) The CCI has reached the overbought region and now it is trying to cross below the overbought region (+100 line).

3) Stochastics almost reached the overbought region.

4) Moreover a pin bar formation is formed (a candlestick with no body at all – I call every candlestick with no body as a doji).

Because of the above reasons I think it’s a good opportunity to enter a sell trade. What do you guys say?

Check the following charts.

AUDNZD daily chart:

audnzd daily chart

AUDNZD Doji Formation:

audnzd doji formation in daily chart