23 Sep 2015

AUD/NZD BULL FLAG OR HEAD AND SHOULDERS?

AUD/NZD H4

If last week asked the same question about the EUR/GBP and I was biased to the downside, because this consolidation pattern on AUD/NZD has formed after an upside break, I prefer the bull flag scenario here.

A break above 1.1330 should take the rate up to test the 61.8% and 100% flag breakout targets at 1.1445 and 1.1595.

A break of the neckline at 1.1205 and further move back inside the larger triangle would invalidate my immediate bearish outlook as it would be signalling about the move towards the major support around 1.1000 level, however, only a daily close below 1.0875 would invalidate my overall bullish outlook for the pair.






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