AUDNZD monthly. Symmetric triangle. Buy on bounce and on breakup
Global range (i63.tinypic.com/xqbddk.png) = 1.05-1.35
Price pierced downside of the range to parity levels but couldn't grasp there.
AUDNZD couldn't complete reversal Inverse Head And Shoulders pattern (orange semicircles).
Now we are in a Symmetric Triangle (white). Good to buy on dip and bounce off the downside of triangle or on the breakout of red downtrend and white upside of triangle.
Target is at the upside of the global range at 1.35.
Its a long term trade setup.
Price pierced downside of the range to parity levels but couldn't grasp there.
AUDNZD couldn't complete reversal Inverse Head And Shoulders pattern (orange semicircles).
Now we are in a Symmetric Triangle (white). Good to buy on dip and bounce off the downside of triangle or on the breakout of red downtrend and white upside of triangle.
Target is at the upside of the global range at 1.35.
Its a long term trade setup.
Comment:
MACD is positive and this adds to the long approach.