Snehath

AUDNZD - A tale of a buy before a big short

FX:AUDNZD   Australian Dollar/New Zealand Dollar
First of all - AUDNZD             is still on a downtrend based on the drops we have seen over the last 4-5 weeks. It has fallen from the high of 1.0745 but I see a pattern setting up at around 1.0275 to take the side of the bulls.

Last week's low was established with a double bottom on the H1. This low will be a good base and there is a bat pattern emerging. I expect it to hit X and then hope for a reaction.

If the bullish pattern works out, then we have a chance to ride this all the way to the big gartley pattern short. This will be a very good R:R if this trade works out.
Trade closed manually: This trade reacted to the zone and went up by 30 pips. Required active monitoring as it was against the trend. Trade out at breakeven.
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