Hi Guys,
Here we have the AUDNZD on the Weekly Chart.
There is quite a bit of detail on the chart and below are key points to note:
* Huge Bullish Bat is near to completion
* Recently respected a two year uptrend
* Currently bounced from a weekly support level
* Trying to Break 0.618 of last up swing
* Four hour is showing an downtrend
* Daily has respected a downtrend
* 1:3 Risk to Reward
I think there is the potential for this to short for about 120 pips then there is a huge long on the horizon. I won't be taking the short as the Risk to Reward is not good enough for my trading strategy. I will be watching to see what happens with this one and looking to long in the near future.
Do let me know of any questions.
Thank You!
Victoria
Here we have the AUDNZD on the Weekly Chart.
There is quite a bit of detail on the chart and below are key points to note:
* Huge Bullish Bat is near to completion
* Recently respected a two year uptrend
* Currently bounced from a weekly support level
* Trying to Break 0.618 of last up swing
* Four hour is showing an downtrend
* Daily has respected a downtrend
* 1:3 Risk to Reward
I think there is the potential for this to short for about 120 pips then there is a huge long on the horizon. I won't be taking the short as the Risk to Reward is not good enough for my trading strategy. I will be watching to see what happens with this one and looking to long in the near future.
Do let me know of any questions.
Thank You!
Victoria