We have a completed H&S pattern with broken neckline. Price is now moving in a flag and may consolidate for quite a while. If price breaks to the upside rapidly, I keep in mind that this may very well be a fakeout and quickly reverses down so I'm not looking for any longs right now. Once Price breaks the flag to the downside I'm all in for a nice sell down to the demand zone. Good luck
Comments
Ronnee
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I like your idea a lot and hope you are correct !, I already have a position from the H&S pattern. So I'm speaking from my pocket now! My theory though is the powers that be whom have been manipulating this pair for weeks want to let it go now because the NZRB have threatened to cut rates next meeting and the importers don't want that!! So they will let it down to keep him happy, then after he doesn't cut, a buy will appear..hahaha cheers and good luck Ron..
hmmmpf
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Thx for your comment. Hope we both make a lot of money from this :-) But AUD may go up a little more and NZD usually responds to this so we may see it going up for now.