AUDNZD is trapped in a Rising Wedge formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a support line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 1.1096 is expected in the short term.
Related Posts
USDJPY – breach of a trending support line that has been tested at least twice before.
This trade setup on USDJPY is formed by a period of consolidation; a period in which the price…
AUDJPY is quickly approaching a very important level it has previously tested numerous times in the past
AUDJPY is moving towards a key resistance level at 97.1160. This is a previously tested level for AUDJPY.…
USDCAD breakout from a Inverse Head and Shoulders trade setup. Will it continue this trend to hit the target price?
USDCAD has broken through a resistance line of a Inverse Head and Shoulders and suggests a possible movement…