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Veejahbee

AUDNZD Inverted Head & Shoulder Pattern Favor Bulls

Long
Australian Dollar / New Zealand Dollar (FX:AUDNZD)  
Veejahbee  
FX:AUDNZD   Australian Dollar / New Zealand Dollar
Trend Analysis Chart Patterns Wave Analysis AUDNZD audnzdsignal audnzdlong audnzdsetup audnzdforecast elliotwaveanalysis elliotwavecount
4
2
trendanalysis chartpattern waveanalysis audnzd audnzdsignal audnzdlong audnzdsetup audnzdforecast elliotwaveanalysis elliotwavecount
The AUDNZD 4hr chart above shows a classic inverted H&S pattern. Price also broke out of the long-term parallel channel and support & resistance level.
Price has the potential to retest the broken neckline as support and resumes a strong impulse move in wave (3) of iii.

Entry Criteria:
  • Buy from or below the current market price and put stop loss at the red level.
  • Wait for the breakout of the green line for conservative entry!

Regards,
Veejahbee.
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