Monitoring for Wedge Break.

FX:AUDNZD   Australian Dollar / New Zealand Dollar
116 4 2
Hey Traders,

I've been short this pair for a few months now, and my stop has been trailed down so this is the current pattern I am monitoring. Price has consolidated in the range outlined, and now price has been rejected at the range high.

It seems as if a wedge pattern has been formed. A trade idea could be to wait for a bearish break of the pattern before entering any short positions with a stop loss set above the channel highs. If you would like for me to become more active and post more technical analysis on here please let me know in the comments.

Cheers =)
The candles just came out, better wait a little more to enter short isn´t it?
Daniel.B Dinkan
It all depends on your trading plan.. I tend to be more on the less aggressive side so after the break we just had I would wait for a retracement to broken support to enter there.

A break and a retest will provide a very good head and shoulder pattern.
Daniel.B Dinkan
Indeed it will! =D
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