AUDNZD Triangle Trade Setup
Trend: Bearish
Structure: Triangle / Trendline and Horizontal resistance
Plan: We await MACD confirmation is this trade could go both ways. However judging by the bearish trend I would expect a continuation and a bounce of the upper trend line. Price should then move to the lower resistance level, continue the formation of the triangle or breakout even further.
Why we await MACD confirmation is that due to the double bottom in a triangle price could keep moving to the upside. Await a solid confirmation of breakout or continuation before entry.
Structure: Triangle / Trendline and Horizontal resistance
Plan: We await MACD confirmation is this trade could go both ways. However judging by the bearish trend I would expect a continuation and a bounce of the upper trend line. Price should then move to the lower resistance level, continue the formation of the triangle or breakout even further.
Why we await MACD confirmation is that due to the double bottom in a triangle price could keep moving to the upside. Await a solid confirmation of breakout or continuation before entry.
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