go long for the testing of upper trendlne of wedge
the audnzd pair has taken support at weekly support lvl. coincidently the lower trendline of wedge forming on weekly chart converge at the same lvl, which make it a very strong support lvl. the market has bounced second time and closed as a bullish weekly candle . know my analysis says we can expect the market to go up and test the upper trendline of wedge and the 200 ema. as both are moving side by side. so i am bullish right now in this pair.
i will watch for a long entry on lower time frame like 4 hour as market make a higher low . will update the idea on other time frames as well.
good luck
i will watch for a long entry on lower time frame like 4 hour as market make a higher low . will update the idea on other time frames as well.
good luck
Note
this is the 4 hour chart. you see the green line thats where market had found temporary support in the past. if market comes to the area i have highlight as a rectangle and make higher low there, i will look for some action and buy it
Trade active
i was expecting for market to go to the box marked on map.but market has maked a new higher low , so i have opened half the position
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.