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Long

AUDNZD - Longs May Lead to Pattern Confirmation

FX:AUDNZD   Australian Dollar/New Zealand Dollar
120 5 3
Greetings Fellow Traders,

AUDNZD             made a key break over the last couple weeks of trading giving more reasons to be looking for longs. AUDNZD             on the weekly scale continues to confirm every thing that is needed for a successful Head and Shoulders Pattern.

On the short term expect the current buying pressure to continue all the way to around 1.1520-1.1600 depending on when it gets there. Look for reasons to sell short term at those levels as the bulls either regroup or lose control. ( GBPUSD             lost control in a similar set up many months ago). Current hourly candles illustrate a very simple set up and reason to continue bullish movements.

These are both reinforced with current perspectives on AUDUSD             and NZDUSD             (The former is bullish above .7380 and the latter just made a crucial bearish break on the daily scale, still awaiting weekly confirmation which coincidentally would land AUDNZD             around the 1.15-1.16 mark)

If we can break that level (it will be a surge) look for consolidation and reasons to buy to confirm what would be a head and shoulders on a weekly scale with a measured objective of almost 1.3000. At this point the Head and Shoulders remains just a potential outlook, something to keep in the back of our minds as we continue to move forward.

Here's a look at the weekly chart as I see it:
snapshot

Feel free to comment/like/follow

Related Ideas

hey! I found your analysis / trade awesome, and I agree with you on almost every one... (I just checked the last six ones)... wow wow

btw, I think we can buy audnzd again now, you may take a look at this pair.
+1 Reply
Synapse ShauntheSheep
6 months ago
Thanks Shaun! I'm remote right now, but without looking at the charts, in general, I agree with you. Give me a few hours and I'll take a look at the AUDNZD chart.

If there's ever any pairs you want me to look at, just let me know!
Reply
ShauntheSheep PRO Synapse
6 months ago
sure! take your time!I am really bullish on this pair on long term lol.
+1 Reply
Synapse ShauntheSheep
6 months ago
Hi ShauntheSheep! I've gone ahead and looked at the AUDNZD pair and I'm going to agree with you. Here's a link to the analysis publication.
AUDNZD - Weekly Bulls Pivotal Point
As long as 1.08 area holds, we look good for a several hundred pip rise.
Reply
ShauntheSheep PRO Synapse
6 months ago
yes! I agree... it will be very profitable haha
Reply
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