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gibbsys
Jul 22, 2021 7:33 AM

AUDNZD Triangle Trade Setup 

Australian Dollar/New Zealand DollarFXCM

Description

Trend: Bearish
Structure: Triangle / Trendline and Horizontal resistance

Plan: We await MACD confirmation is this trade could go both ways. However judging by the bearish trend I would expect a continuation and a bounce of the upper trend line. Price should then move to the lower resistance level, continue the formation of the triangle or breakout even further.

Why we await MACD confirmation is that due to the double bottom in a triangle price could keep moving to the upside. Await a solid confirmation of breakout or continuation before entry.
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