AUDNZD Largest Head and Shoulder
A quite simple trade on AUDNZD, weekly timeframe is where it shows us its hidden secrets, spotting one of the largest head & shoulder and
to confirm if it's a conventional head and shoulder or not, we had the market break the neckline, recently retested perfectly and focusing on candlestick information on daily right up H1 timeframe we can get a firm understanding that the buyers were unable to break the neckline going bullish so rather it rejected at 1.07171 and started going short.
Demand zone marked at around 1.03260, where two previous support levels are constantly turning at the same zone, so personally I would target that as
my Take profit price before waiting for its move a continuation or trend reversal
to confirm if it's a conventional head and shoulder or not, we had the market break the neckline, recently retested perfectly and focusing on candlestick information on daily right up H1 timeframe we can get a firm understanding that the buyers were unable to break the neckline going bullish so rather it rejected at 1.07171 and started going short.
Demand zone marked at around 1.03260, where two previous support levels are constantly turning at the same zone, so personally I would target that as
my Take profit price before waiting for its move a continuation or trend reversal
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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.
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.