Hello traders. On this 1H analysis of AUDNZD, we have a double top setup. We can see that the price was rejected twice from the 1.0700 region, creating our first and second top. Also, the neckline was formed in the 1.06700 region. An entry reason for this trade would be a strong break and a possible retest of the neckline. The 1.06150 region is seen as a good support level where price may go next. Since this is a rather conservative entry reason, a SL should be placed appropriately above the 1.0700 region.
Trade closed: stop reached:
Price came pretty close to the projected target before forming an ascending channel. This setup could have been both a successful trade as well as an unsuccessful one, depending on your risk tolerance.
