AUDNZD - Longs May Lead to Pattern Confirmation
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:
Feel free to comment/like/follow
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:
Feel free to comment/like/follow
