AUD/NZD has caught my eye as a potential very bullish pattern is unfolding. An inverted Head and shoulders pattern as shown in the chart below, could explode upwards and bring in some good profits if someone takes advantage of this opportunity. Currently, trend is up as prices have broken above the short-term downward sloping red trend line resistance.
The downward correction from 1,0944 looks that is complete at 1,0733 and that a new upward leg has started. Short- and intermediate term is up. The Inverted Head and Shoulders pattern as shown in the second chart has a neckline resistance between 1,0920-1,0940. A daily close above this area will most probably push this pair towards 1,13 which is our first target and the 100% extension of the H&S pattern.
Our strategy is to start entering long positions as a fragment of our entire position in this pair. Breaking the neckline and confirming the break out above it will enable us to add to our long position. For more help trading this pair and other FX pairs, become a member today.
As always, thank you for taking the time to catch up on my thinking.