Flag pattern on AUDNZDHi traders,
this time i want to show you a flag pattern that is forming up in 1hr chart on AUDNZD. Here we recently broke and closed below an important structure level (black line), so we expect price to continue lower.
It is very usual to see consolidation patterns after impulse legs like this, and the likelihood is that market continues on the impulse leg's direction, even more so in this scenario where price action is free falling.
Given the conditions above, flag pattern can be traded two ways: you can sell the market as soon as price close below the flag's bottom line, or you can wait for a retracement and then sell with a better risk to reward. I would personally choose the second option. I would also leave a part of the position for further target.
If you have any question, fill the section below.
Otherwise, see you in the next chart!
Audnzdsell
AUD/NZD, DAY CHART, SHORT (27-NOV-2016)AUD/NZD is trading in a range between the resistance and support zone indicated.
In recent time, it is trading within the downward channel.
The price rally up near to the upper side of the downward trend line.
Wait for bearish signals to short this pair.
You can earn little convenience interest by holding this pair for longer time.
If the bullish trend continues, don't bother to entry as the risk/reward ratio is not so nice.
Trade safely with proper risk management skill.
AUD/NZD: Stay Short Targeting Parity Again.Price made a few failed attempts to break higher but quickly reversed at resistance area 1.0520-1.0545 I expect the pair to find support before bearish traders return to fade into any moves towards 1.0426 resistance to target 1.0285 as 1997 lows. A break beneath here should see.the 2015 lows.
AUDNZD Sell IdeaAUDNZD Sell Idea
This pair shows us a bearrish convergence on the H4 chart.
But needs to retrace before continuing to new lows.
The Bullish hidden divergence on the H1 chart might do that.
The plan is to wait for a doube wave retrace upwards. Price must cross 1.12 before we can sell the bottom TL in order to complete a double wave cycle aiming 1.1138
SL last high created before the break of the yellow TL + 2 pips + spread.