AUDNZD LONG - support and breakout from descending triangle
As we see on the Weekly AUDNZD has traded under the wedge channel for a while but during that time it has created higher highs and higher lows. Since early September it has closed above the flip zone and then established it as support.
On the Daily we can see that it has tested the support several times and formed a descending triangle. The faster moving averages have all crossed the 200 period and established themselves in order from fastest to slowest.
I want to see a break up out of the descending triangle and then a close inside the bigger wedge channel. Then the target should be the upper levels of the channel.
On the Daily we can see that it has tested the support several times and formed a descending triangle. The faster moving averages have all crossed the 200 period and established themselves in order from fastest to slowest.
I want to see a break up out of the descending triangle and then a close inside the bigger wedge channel. Then the target should be the upper levels of the channel.