AUDNZD Long: Expanding Wedge Complete at Critical Level
Updated
Greetings traders! AUDNZD has reached an important level. The 4H shows a nice expanding triangle that may add support near a potential point E. On the daily chart, there is strong support from a parallel channel. In addition to this, we have two precisely confluent fib levels (1.272AB=CD and 1.5AB extension). Since I'm seeing some pin rejection at the base of the channel, a tight stop may be placed below the pins. If price makes new lows, it is time to re-evaluate. If not, it may be possible to catch a larger move toward the missed monthly pivot for June which would mean major pippage and a trade with great R/R.
Bullish Confluence:
Happy trading!
Bullish Confluence:
- Expanding wedge support
- 1D Parallel channel support
- RSI Oversold
- 3 missed pivots above price, including an unhit pivot for June
Happy trading!
Trade active
Note
I'm moving this AZ trade to breakeven as well. Some may consider this a little early. However, since it's Friday we have a higher likelihood of continued mean reversion. Remember, we're in the business of not losing money. Current Profit: +25 Pips
Max Drawdown: -17 Pips
Note
Excellent! T1 achieved
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