AUDNZD – uptrend structure broken .. the week of 07 Nov 2022
This pair has been bullish since March, but more recently the bears have been in control. Price action has broken previous structure and made new lows at 1.1140 and 1.0860. The area around 1.950 that was support is now acting as resistance. This was broken on 01 Nov. and has also been retested. I am hoping that it will be tested again and if we see some bearish evidence again, we have a setup to take a short.
If this works out as per my expectation, we should have a 2.2 trade, with a possible extension to 1.061 area (+ 4R).
Always use sound money and risk management and stay patient in all your trades.
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If this works out as per my expectation, we should have a 2.2 trade, with a possible extension to 1.061 area (+ 4R).
Always use sound money and risk management and stay patient in all your trades.
If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade active:
Moving nicely now towards my T1.