Hello Traders,
Here is the Top-Down Analysis of AUDNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 42 - 12 Oct
M > Price faced rejection at monthly resistance level and dropped to complete W formation. Price is respecting downward trend-line as resistance.
W > Price dropped beyond neck of W formation and started an upward move after facing rejection from weekly supply zone.
D > We saw formation of inverse H & S and as expected price broke daily support now turned resistance to move upside to complete our target. Price has now returned back to test daily support. Price can face rejection to move upside towards our next target.
As per COT AUD saw addition of major Long and Short positions, increasing net positions. AXY gained strength during the said week, it improved its position last week. NZD had closure of few Long and major Short increasing net positions, confirming strength of ZXY for the said week. Short positions have reduced to least in current year. ZXY has been gaining strength slowly since June 2020. ZXY improved its position last week.
4H > Price is facing rejection at support level and we can see two bearish candles with rejection bottom wick. Current candle should close with bottom rejection with in about an hour.
We will monitor price action for reversal confirmation to the upside.
Pair Correlation > AUDNZD has positive correlation with AUDCAD and negative correlation with GBPAUD on weekly timeframe.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 42 - 12 Oct
M > Price faced rejection at monthly resistance level and dropped to complete W formation. Price is respecting downward trend-line as resistance.
W > Price dropped beyond neck of W formation and started an upward move after facing rejection from weekly supply zone.
D > We saw formation of inverse H & S and as expected price broke daily support now turned resistance to move upside to complete our target. Price has now returned back to test daily support. Price can face rejection to move upside towards our next target.
As per COT AUD saw addition of major Long and Short positions, increasing net positions. AXY gained strength during the said week, it improved its position last week. NZD had closure of few Long and major Short increasing net positions, confirming strength of ZXY for the said week. Short positions have reduced to least in current year. ZXY has been gaining strength slowly since June 2020. ZXY improved its position last week.
4H > Price is facing rejection at support level and we can see two bearish candles with rejection bottom wick. Current candle should close with bottom rejection with in about an hour.
We will monitor price action for reversal confirmation to the upside.
Pair Correlation > AUDNZD has positive correlation with AUDCAD and negative correlation with GBPAUD on weekly timeframe.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX