What we see is the formation, on the fifth bullish wave, of an interesting double head and shoulders.
The two neck lines, in addition to being in parallel, have already suffered a breakout. Now we are in the pullback phase.
a great time to get into short on about 200 pips.
We are currently seeing a small rally within a larger corrective structure, I want to see this move break the last corrective high (marked on chart) before we can start looking for shorts.
We will then trade back down to the bottom of the corrective structure before looking for the final corrective large impulse up.
Use my arrows as a guide only, follow the...
after consolidating in a parallel channel for about 40 days, price has finally managed to break to the upside, and also managed to have a daily close above this upper line. This means only one thing: it wants to go higher, and therefore i'm waiting to see a small retracement and then, if conditions will be met, i'm buying this up hoping for a big rally...
.On the weekly, chart there's a symmetrical triangle, and it's in a downtrend.
It has 6 touches, 3 on either side.
If it goes to plan, the pair should fall lower and break out,
as this is a continuation pattern and not a reversal.
Current price is at 1.0365 area where it act as a major support level which has been tested several time and price bounces.
A bullish evidence formed during the week will give a strong bullish run but a break below 1.0365 will potentially drag the price down to 1.0231
Declines on AUDNZD has been going on for three months. In previous week demand tried to reverse this unfavourable situation which ended in a rebound from resistance at 1.0550. Support at 1.0390 also did not stop the sell of and as a result AUDNZD reached its lowest level since January 2017.
Current target for bears is 1.0340 support. At this level we could...
Aussie looking extremely low. Commodities looking close to their extremes.
Daily chart at the bottom of a long-term triangle and in an inflection point for the move lwer.
Crossmarket the NZD is showing it is near the extremes against all of its major counterparts implying it may run out steam.
simple & deep Gartley pattern here. Its deepness allows us to get a better risk to reward ratio and we can also see there's a major daily structure around this level. Entry at the D point with targets as usual for patterns. Stops below X.
If you have questions or if you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!