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Audnzdlong

AUDNZD Shows A Strong Bullish Divergence AUDNZD has been in a bearish trend for the past few months. This decline took the form of (a)-(b)-(c) zigzag and it's enclosed within a parallel channel. The price has been moving very slowly and choppy in wave (c) of B, which indicates a lack of momentum to the downside . As you can see from the chart, the MACD indicator has been diverging higher while the price is trading lower, this shows that the bulls have been building momentum that has not reflected in the price action. In the days ahead, the bulls should reflect in the price action and take the price higher at least to the upper boundary of the channel. I will look for the break of the green lines for entry and my stop will be below the low. What's your view on AUDNZD? Let me know in the comment. Thanks, Veejahbee.
Long
by Veejahbee
2
AUDNZD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of AUDNZD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 05 Oct M > Price faced rejection at monthly resistance level and dropped to complete W formation. Price should move upward now. W > Price dropped beyond neck of W formation with and next week showed reversal with bullish candle. D > We can see formation of inverse H & S and expect price to rise after we see completion of neck. As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY fell improved its position last week. 4H > We can see price making LL, if price makes a LH we will get bullish confirmation. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Long
by AP17FX