AUDNZD H&S, long or short trade

FX:AUDNZD   Australian Dollar / New Zealand Dollar
There is a potential trade here. First glance says this H&S on the left will make the price drop . But i personally think it will fail and we will see a counter move to the upside.
This will be a 2 way trade, but for both i will wait for confirmation first before entering a trade. On the right i want to see that resistance break first before going long. On the left i want to see the price break the neckline, retest former support and when it turns down again, i will short it.

Comment: Seems the break out is not really there yet though, so lets wait a little bit more. Still some resistance it seems
Comment: So now we have a solid breakout, now i don't want to see it drop below the first green support level anymore.

Comment: The trade/idea is still not over yet, but this drop is not good. Showing a possible small bear flag. It should stay above the green zone, because otherwise the failed H&S idea fails most probably. The blue zone is the neckline of the H&S
Comment: Still not moving up and not dropping as well. So we see resistance AND support. The bullish did stay intact though so there is still a good chance we might move up. Seems that trend line on the left does have some value, so we want to see a daily close above that resistance. If that happens, we should see more upwards movement.

Comment: Move stops to that red zone now.

If you want to support me, my affiliates:

Bitcoin futures trading, 10% discount:
For copy trading FX at Etoro:
Public Telegram Channel
had a big pullback, whats your view now?
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out