. There is a possibility of temporary retracement to suggested support line (1.061). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. AUDNZD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
Price has been moving in a descending channel on the H4 time frame on AUDNZD and has recently made a 3rd test of the lower trendline and has had a strong bullish rejection from it. There is a good possibility that we could now get a swing to the upside and finally see AUDNZD breakout of the channel and see a test of the next key level of resistance above it.
I'm Going to take this trade although it is against the trend
Stop loss: 1.05099
Take Profit: 1.06285
Follow me on twitter @KhaIid_Alhasani to see all my trades, if you are a newbie please start with small lot size, I will tell you when to close half of your position to bank some profit
Don't change the stop loss even if the price was almost there!
If you begin to decode the charts you will start to see patterns emerge. I will be monitoring this pair, if we manage to cross over the structure I will look for buys as I believe the majority of liquidity has been gained and we may see a significant upside move.
Really nice set up on the one hour chart with a head and shoulders set up with a nice support if broken and retested we should be looking for sell entrys only with some nice confluence with the 50EMA and 0.5 FIB retracement on the daily chart