AUD/NZD: Descending triangle could signal downtrend continuation
This pair is in a strong downtrend and could be on it's way to complete a possible bullish bat (see linked idea) as shown in the daily chart on the left.
The descending triangle shown in the 60M chart on the right is generally a bearish sign which could point to the fact that we're about to resume the main downtrend.
The desending triangle has not broken yet so anything is still possible. Those who'd rather wait for confirmation must surely do so!
I am entering at market now with my SL above the last high, above the triangle resistance trendline and above 1.0700.
Targets:
- TP1: Possible S/R zone (40%)
- TP2: Possible end of harmonic move (20%)
- TP3: Possible S/R level (20%)
- TP4: Completion of possible bat pattern (20%)
The descending triangle shown in the 60M chart on the right is generally a bearish sign which could point to the fact that we're about to resume the main downtrend.
The desending triangle has not broken yet so anything is still possible. Those who'd rather wait for confirmation must surely do so!
I am entering at market now with my SL above the last high, above the triangle resistance trendline and above 1.0700.
Targets:
- TP1: Possible S/R zone (40%)
- TP2: Possible end of harmonic move (20%)
- TP3: Possible S/R level (20%)
- TP4: Completion of possible bat pattern (20%)
Trade closed: stop reached:
DAMN!
