Potential multi-year long for AUDNZD
It looks to me that we may have reached a major bottom for AUDNZD based on the historical cycles displayed in the chart to the right. Fundamentally this could make a lot of sense (research that if it's of interest), so I like this trade a lot. The breakout on the daily could be the major move for lift off. I am looking to go long on any retracement of AUDNZD as long as price is supported within my risk parameters. My targets will be trailed.
This has been on my radar for a while and I've been going long on and off working around the trade.
This has been on my radar for a while and I've been going long on and off working around the trade.
Comment:
Looking at my previous analysis above, I found that I drew the trend line incorrectly, so the previous "pennant" was actually not invalid. It was actually a mistake on my end. See below:
Looking at my previous analysis above, I found that I drew the trend line incorrectly, so the previous "pennant" was actually not invalid. It was actually a mistake on my end. See below:
It is very rare to find an instrument that sits at a 30 year quadruple bottom!!