AUDNZD Inverse Head & Shoulder Expectation
Structure: Sideway
Moving Average: Downtrend
Trendline: Breakout of Downtrend Line
Pattern: Potential Inverse H&S
Trigger: Failed Breakdown
Support: 1.04, 1.0300 - 1.0310
Resistance: 1.0480, 1.05
The pair made a trial to break 1.04, but failed to hold there. With 2 big bullish candles fight back, a sign that bearish power has gone and the long downtrend from 1.0839 may have come to an end.
We have to wait for a higher low to be formed around previous support area 1.0400, to complete an inverse Head & Shoulder pattern
Enter at 1.04 if possible
SL: 1.03
1st Target: 1.05
2nd Target: 1.0570
Moving Average: Downtrend
Trendline: Breakout of Downtrend Line
Pattern: Potential Inverse H&S
Trigger: Failed Breakdown
Support: 1.04, 1.0300 - 1.0310
Resistance: 1.0480, 1.05
The pair made a trial to break 1.04, but failed to hold there. With 2 big bullish candles fight back, a sign that bearish power has gone and the long downtrend from 1.0839 may have come to an end.
We have to wait for a higher low to be formed around previous support area 1.0400, to complete an inverse Head & Shoulder pattern
Enter at 1.04 if possible
SL: 1.03
1st Target: 1.05
2nd Target: 1.0570
Trade active
Quite Nice Move today after the retest of previous support zone.Look for price action around 1.0445 to determine next move, stay tuned.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.