wolfstreetswinger

AUDNZD - LONG AND SHORT POSSIBLE H&S BOTTOM FORMING

FX:AUDNZD   Australian Dollar/New Zealand Dollar
OK FIRST OF ALL I PICKED UP THE CURRENT DOUBLE TOP THERE (LOOKS LIKE A SMALL EVE AND ADAM TOP) WITH HIGH VOLUME INTEREST WHICH I AM LOOKING TO SHORT ON A BREAK OF THE BREAKOUT LINE.

BUT LOOKING AT THE MACD WE CAN SEE SOME BIG DIVERGENCE ON THE TWO PREVIOUS SWING LOWS WHICH LEADS ME TO BELIEVE COUPLED WITH THE VOLUME THIS COULD WELL BE AN HEAD AND SHOULDERS BOTTOM FORMING HERE.

GOING TO PLAY THE SHORT IF WE BREAK LOW AND WILL BE KEEPING EYE FOR SIGNS OF A REVERSAL WHERE WE COULD GET IN LONG AT THE BOTTOM.

Comment: 4HR VIEW OF THE CURRENT DOUBLE TOP
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Trade active: NICE BREAK LOW TODAY FROM THAT DOUBLE TOP SO WE ARE SHORT WILL UPDATE WITH ANY SIGN OF REVERSAL
Comment: QUICK UPDATE WE HAVE REACHED A GOOD AREA OF RESISTANCE AND PRICE COULD BE REVERSING POSSIBLY RETESTING THE LOW HERE WHERE I AM LOOKING TO ENTER LONG, ANY MOVE BACK UP NOW AND I AM IN AHEAD OF THE RBNZ RATE DECISIONS TOMORROW WHERE THE RESERVE BANK OF NZ ARE EXPECTED TO ANNOUNCE A 0.25% RATE CUT WHICH COULD REALLY STRENGTHEN OUR TRADE AND ANY NEWS OF FURTHER RATE CUTS IN THE NEAR FUTURE WOULD SIGNIFY A GOOD BOTTOM HERE.
Comment:
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Trade active: im long now dumped in at the bottom if you would like a safe entry around the news should give this some time and wait for a neckline break to buy in
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