AUD/NZD trade set up plan
This could be a Diamond Bottom is considered a bullish signal, indicating a possible reversal of the current downtrend to a new uptrend. Diamond patterns usually form over several months in very active markets.
The Diamond Bottom pattern occurs because prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. The Technical Analysis occurs when prices break upward out of the diamond formation.
The longer the pattern the longer it will take for the price to move to its target.
The main trend is an important characteristic of the pattern. A shallow inbound trend may indicate a period of consolidation before the price move indicated by the pattern begins.
Look for an inbound trend in the top/ bottom on this pattern, but for final approvement, we need to see the price crossing up 1.13+_ or down at 1.04
AUD/NZD technical analysis- Hacking up or down in the current format will result in a significant number of pips in the above pair 0.93 or 1.23
This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice
