Hi Traders! We have a perfect AUDNZD buy opportunity.
AUDNZD Weekly Chart:
Pair is trading inside the big Weekly range and it is currently re-testing the key zone around 1.07.
AUDNZD D1 Chart:
In the daily chart it appears to be completing a triple bearish cycle on the daily chart which means we can start looking for buy opportunities.
AUDNZD H1 Chart:
Our bullish setup requires a few steps before it kicks in.
Step 1 – Break above 1.0730
Step 2 – Double wave correction towards 1.0710 – 1.0690 zone. Ideally we will see bullish divergence forming as well.
Step 3 – Draw the most recent down trend line, and go long with the breakout above it.
Stop Loss – below last low created, before the breakout of the down trend line.
Target 1 – 1.0760.
Target 2 – 1.0830.
Note: Break below 1.0670 would invalidate this setup.
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