AUDNZD// Long Opportunity
Signs for a nice long:
1. Strong area of resistance now turned support.
2. Price rejection of TL, and former support zone.
3. Bullish Bat harmonic pattern formed at TL. and a extended W pattern at TP area, which suggest continuation of the former (up)trend.
4. No news or fundamental events that can currently affect price.
Reasons not to enter yet:
1. Reversal candle but no confirmation yet.
2. Price still in LL LH formation.
3. Bearish momentum.
Overall, Im bullish on AUDNZD currently. The bullish signs outweigh the bearish opportunity, therefore IMO it's more probable to go long. Apply proper risk mgmt and use a stop loss. A decent SL should be under the -27% area.
Let me know your thoughts.
1. Strong area of resistance now turned support.
2. Price rejection of TL, and former support zone.
3. Bullish Bat harmonic pattern formed at TL. and a extended W pattern at TP area, which suggest continuation of the former (up)trend.
4. No news or fundamental events that can currently affect price.
Reasons not to enter yet:
1. Reversal candle but no confirmation yet.
2. Price still in LL LH formation.
3. Bearish momentum.
Overall, Im bullish on AUDNZD currently. The bullish signs outweigh the bearish opportunity, therefore IMO it's more probable to go long. Apply proper risk mgmt and use a stop loss. A decent SL should be under the -27% area.
Let me know your thoughts.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
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