Balazs
Long

Break of Monthly Down Trend - BUY Setup

FX:AUDNZD   Australian Dollar / New Zealand Dollar
49 2 7
Broke upper trend line of monthly downtrend, looking to buy after consolidation.
Comment: A perfect example of why we don't just buy or sell the breakout, but always wait for the consolidation and continuation pattern for that extra confirmation.
Hope you kept to the rules and didn't buy the instant breakout. Let's re-analyze.
On the daily we saw a double top and completed 2618 trade which so far has reached and surpassed the 1618 target level:
snapshot


But looking at the higher weekly chart, we see another bigger double top and developing 2618. Wait for the retrace and SELL.
PS - on a plus side, the position would be in harmony with the current long term down trend.

snapshot

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I cant help but see an inverse H&S on the chart meaning this pair could go to 1.2000
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