AUDNZD - Harmonic Pattern - Bearish Momentum Expected

AUDNZD is currently forming a Harmonic Pattern (XABCD) on the chart. The pattern indicates a potential reversal of the current trend, with Point D marking the completion of the pattern. Based on this formation, we anticipate a Bearish trend momentum to follow from Point D.

Entry and Stop Loss:

• Entry: 1.09480
  
• Stop Loss: 1.09850
  
  Take Profit Targets:
  TP-1: 1.09100
  TP-2: 1.08745
  TP-3: 1.08370
  
  Rationale:
  The entry point of 1.09480 aligns with the anticipated reversal from Point D of the Harmonic Pattern. The stop loss at 1.09850 is set to mitigate potential losses in case the market moves against the expected bearish momentum.
  
  For take-profit targets, TP-1 at 1.09100, TP-2 at 1.08745, and TP-3 at 1.08370 are strategically placed to capture potential downward movements in the market, considering key support levels and Fibonacci retracement levels.
  
  Risk Management:
  It is crucial to adhere to proper risk management principles while trading this setup. Position sizing should be adjusted to ensure that potential losses are within acceptable limits relative to the trading account size.
  
  Conclusion:
  Based on the analysis of the Harmonic Pattern and associated entry and exit points, we anticipate a Bearish trend momentum in AUDNZD from Point D. Traders should monitor the price action closely and execute the trade according to their risk tolerance and trading strategy.