Technician
Long

AUDNZD: Long Position Awaiting Confirmation

FX:AUDNZD   Australian Dollar/New Zealand Dollar
890 12 11
A long position could be at hand soon, as price completed a major bullish breakout above the rounding bottom formation by breaking the key resistance which turns to a support now among 1.0950-1.0900 area. The price is retreating back lower after testing the 50 percent retracement for the overall bearish wave, and heading towards that support, therefore, a long position is awaiting confirmation here, i will surely look to long the pair if I witness some kind of rejection over the four-hour interval, such as long pin bar or hammer candle.

I will be updating if my awaited setup materializes. follow at : https://twitter.com/thefxchannel
Best of luck
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ForceFollower
2 years ago
A very nice chart, looks like some classic cup with a handle pattern (partly in the making, regarding the handle). I'll be looking to enter long, when the correction is done.
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Technician TOP ForceFollower
2 years ago
I hope that we get a clear long confirmation signal this time, sometimes i miss some trades cause there is no clear confirmation.
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anepfx Technician
2 years ago
can u pls define 'clear confirmation' ? such as candlestick pattern on confluence level? tqvm
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Technician TOP anepfx
2 years ago
So far it looks like the pair is breaking lower, and no trade for me.
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ForceFollower Technician
2 years ago
It may have just found its bottom (or not, but I think it has). A higher low and a higher high would do though.
snapshot

snapshot
+2 Reply
mampaheka PRO ForceFollower
2 years ago
I think you're right
LONG TERM - AUD/NZD STRATEGY
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alphatrader
2 years ago
Good Day - would you look for long entry now off of possible dynamic support, that blue moving average should a actual long signal be provided come sometime in the next few trading days or
completely scratch this idea overall for now?
Reply
Technician TOP alphatrader
2 years ago
I will be waiting for a retest of that support, but as usual will be waiting for confirmation.
Reply
tigrand1
2 years ago
Your charts are very Clear. I like it. I'm also waiting for going long when the correction will be done. i think that it would be around 1.07508 up to 1.1000 as the first target and potentially 1.2000. I'm seeing the second target as a long jorney, It may take about two till 4 weeks.
snapshot
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Technician TOP tigrand1
2 years ago
Thanks mate. Good looking setup, I would wait to see a confirmation to long. This is a critical step for me, for example, if I didn't wait for a confirmation signal, i would have bought on the retest of 1.0950 area.
Good luck there.
Reply
tigrand1 Technician
2 years ago
I'm totaly agree with you about the confirmation. It is the most importent key when it come to entering the market. Is it possible to chat with you on a privet room? There are some certain points that i would like to talk about. Thank you
Reply
Technician TOP tigrand1
2 years ago
Feel free to do so .
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