AUD/NZD is shaping a big SHS on weekly basis. Means we might see soon some rallye to the upside with a lot of pips to be grabbed. Very interesting to see is that prices have rebounded strongly from former support line (lower blue dotted line). With this market has had 3 weeks in a row increasing prices. These subsequently strong price increases are also known as three white soldiers which should bring in theory higher prices. If we watch on the big picture we see that this might fit into the big picture. We had a Higher High and the last retracement rebounded nearly at 61.8 fib. I do see some chances for further bullish development. Stay tuned for further news on this.
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Please remind yourself that this is just my personal view on the market and you always should do your own analysis before trading. My Analysis should not serve as any recommendation to buy or to sell. My analysis are just my ideas and opinion how market could develope.
Comments
ZAli
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wonderful analysis.
paulselvan
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you're right 3 soldiers is theoricaly trend reversal group of candles...