The AUDNZD pair has been trading within a Channel Up ever since the November 19 2021 Low. Two upper and lower tolerance levels of 1.236 and -0.236 have been accounted for. This time though, as the price is trading around the 1D MA50 (blue trend-line) since June 20, using it as a pivot, a new pattern has emerged. That is a Head and Shoulders (H&S).
That is so far contained within the Channel Up but a break below it can see the price testing the 1D MA200 (orange trend-line) for the first time since January 17. Our trading plan is based on the break-out (candle close) approach. A break below the lower tolerance level of the Channel constitutes a sell signal towards the -1.0 Fibonacci extension (1.075), in which case the H&S pattern prevails. Until that happens, we continue being within the dominant Channel Up, hence bullish towards a new long-term Higher High near the 2.0 Fibonacci extension (1.1383).
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That is so far contained within the Channel Up but a break below it can see the price testing the 1D MA200 (orange trend-line) for the first time since January 17. Our trading plan is based on the break-out (candle close) approach. A break below the lower tolerance level of the Channel constitutes a sell signal towards the -1.0 Fibonacci extension (1.075), in which case the H&S pattern prevails. Until that happens, we continue being within the dominant Channel Up, hence bullish towards a new long-term Higher High near the 2.0 Fibonacci extension (1.1383).
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Please like, subscribe and share your ideas and charts with the community!
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.