AUDNZD Inverse Head & Shoulder Expectation
Updated
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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