H1 AUDNZD BREAKOUT PLAY [Inverse Head and Shoulders]
Something for the Asian Session!
Catalyst could be the Australian Building Permit News but the impact might not be enough.
An inverse head and shoulders is spotted. Price target is set at 1.076383 and stops at 1.06391 (right shoulder). Be careful when counter trending esp when the price is below the 200 EMA. If you are feeling pretty brave you can buy as it breaks out of a pattern. If you are a pussy like me you can still buy soon after a pullback into the 200 EMA since the profit target is pretty far away.
Remember to set the stops below the right shoulder as this is where the price normally pulls back to. It also serves as a 'pattern failure' detector. If it crosses the right shoulder the pattern has failed.
Are you going to get in? Why and why not?
Catalyst could be the Australian Building Permit News but the impact might not be enough.
An inverse head and shoulders is spotted. Price target is set at 1.076383 and stops at 1.06391 (right shoulder). Be careful when counter trending esp when the price is below the 200 EMA. If you are feeling pretty brave you can buy as it breaks out of a pattern. If you are a pussy like me you can still buy soon after a pullback into the 200 EMA since the profit target is pretty far away.
Remember to set the stops below the right shoulder as this is where the price normally pulls back to. It also serves as a 'pattern failure' detector. If it crosses the right shoulder the pattern has failed.
Are you going to get in? Why and why not?