AUDNZD Top-Down Analysis
Updated
Hello Traders,
Here is the Top-Down Analysis of AUDNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price faced rejection at monthly resistance level and dropped to complete W formation. Price should move upward now.
W > Price dropped beyond neck of W formation with and next week showed reversal with bullish candle.
D > We can see formation of inverse H & S and expect price to rise after we see completion of neck.
As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY fell improved its position last week.
4H > We can see price making LL, if price makes a LH we will get bullish confirmation.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price faced rejection at monthly resistance level and dropped to complete W formation. Price should move upward now.
W > Price dropped beyond neck of W formation with and next week showed reversal with bullish candle.
D > We can see formation of inverse H & S and expect price to rise after we see completion of neck.
As per COT AUD saw closure of major Long and addition of few Short positions, reducing net positions, N-R saw closure of both Long and Short positions and Commercials saw addition of Long and closure of Short. AXY was weak for the said week however it improved its position last week. NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY fell improved its position last week.
4H > We can see price making LL, if price makes a LH we will get bullish confirmation.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Trade closed: target reached
Target achieved. Please follow updated idea released early this week.
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