AUDNZD catching a double bottom playAUDNZD Currency pair is more of a trade based on the AUD out preforming the NZD. With the NZD central bank one of the most dovish of the globs central banks—it is no secret then that traders view it as the most weak of all the currencies. So a buy or sell here is the belief that AUD will simply out preform / be the stronger or even less weak should the market go down then the NZD.
On the weekly chart we have another pattern in play. There is a potential of a weekly double bottom so long as this weeks closing price holds above 1.0700–30 my blue horizontal line.
On the daily we can say with a close on Monday above the blue line the we could also say there is a daily double bottom in play. In either case the projected move should price action hold, is simply an equal upward move from the bottom to the neck line ( the blue line ) or about 400-500 pips or around the 1.1000–1.1100. top red trend line.
My strategy would be trying to buy off any retest of that neck line. Setting stops below according to your own risk tolerances and or game plan for stops.
Profits would be targeted at completion of the pattern move over time.
Because of the size of what could be a prenatal move and how early I’m posting about it, it’s one to watch indeed.
My daily chart below
If you trade any ideas, the risk of loss is all yours.
Keep a look out for my updates.
In life and in trading you either make dust or you eat dust.
All the best in your trading.
