Cup & Handle reversal pattern
As we can see on the higher timeframe charts NZDUSD has been in a long term downtrend from early 2018.
We e now seen price create this cup & handle pattern coupled with a break and retest of the descending trendline and also found a previous level of support price has rejected and reversed from on multiple occasions.. (more visable on the weekly tf)
With all these confluences this leads me to believe a trend reversal is happening.
A cup and handle chart may signal either a reversal pattern or a continuation pattern. A reversal pattern occurs when the price is in a long-term downtrend, then forms a cup and handle that reverses the trend and the price starts rising. A continuation pattern occurs during an uptrend; the price is rising, forms a cup and handle, and then continues rising.
My conclusion a good R.R Swing Trade
We e now seen price create this cup & handle pattern coupled with a break and retest of the descending trendline and also found a previous level of support price has rejected and reversed from on multiple occasions.. (more visable on the weekly tf)
With all these confluences this leads me to believe a trend reversal is happening.
A cup and handle chart may signal either a reversal pattern or a continuation pattern. A reversal pattern occurs when the price is in a long-term downtrend, then forms a cup and handle that reverses the trend and the price starts rising. A continuation pattern occurs during an uptrend; the price is rising, forms a cup and handle, and then continues rising.
My conclusion a good R.R Swing Trade
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