AUDNZD is setting up for a long.
The double bottom is at 1.043 area.
The 1.272 reversal of the last swing higher is in the same area.
As of now the market is just above the double bottom and having reached an area of reversal with three confluences.
1. A 1.618 reversal taken from the low on 27/05 to the high 21/06 (red)
2. Market has reached a measured move lower (blue)
3. Market has hit a 1272 reversal of last swing (white)
A long trade now would mean a SL below the double bottom 02/12.
The double bottom is at 1.043 area.
The 1.272 reversal of the last swing higher is in the same area.
As of now the market is just above the double bottom and having reached an area of reversal with three confluences.
1. A 1.618 reversal taken from the low on 27/05 to the high 21/06 (red)
2. Market has reached a measured move lower (blue)
3. Market has hit a 1272 reversal of last swing (white)
A long trade now would mean a SL below the double bottom 02/12.
Comment:
One possible target would be a replicate of previous swing high BUT there will be obstacles in the way!
Comment:
Here it is on the weekly, the target area looks achievable from here...