AUDNZD (H4): LONG Idea on this Triangle BREAKOUT!
Updated
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TECHNICAL ANALYSIS:
Since the 10th of December the price has been following a side trend, getting a short time of consolidation before starting to give us a new sign of a new trend.
As we can see in this chart, the price reached the resistance level at about 1.07145 and got several rejections.
At the beginning of January the price retested the same resistance trying to break it and just today, we can see price above the level 1.07413.
CONCLUSION:
The price created a symmetrical triangle before moving up, that could be a possible chart pattern to confirm the new up trend.
IF the price will pullback on the dynamic support of this pattern or it eventually will get a proper rejection on this support area, we could absolutely get a great long position on this trade!
Stay tuned for Updates and Signals!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since the 10th of December the price has been following a side trend, getting a short time of consolidation before starting to give us a new sign of a new trend.
As we can see in this chart, the price reached the resistance level at about 1.07145 and got several rejections.
At the beginning of January the price retested the same resistance trying to break it and just today, we can see price above the level 1.07413.
CONCLUSION:
The price created a symmetrical triangle before moving up, that could be a possible chart pattern to confirm the new up trend.
IF the price will pullback on the dynamic support of this pattern or it eventually will get a proper rejection on this support area, we could absolutely get a great long position on this trade!
Stay tuned for Updates and Signals!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
Note
The price got a clear rejection on the support area and it's now moving following a new uptrend.
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