AUDNZD Bearish Triangle Breakout And Trade Setup
Description: AUDNZD trading in a triangle on H4 Chart and the trend is bearish. On the smaller chart timeframes we see another triangle trend as well. The triangle on the H4 chart mostly appears as a bearish continuation pattern. We will look for a short entry opportunity at the potential bearish breakout of the ascending line of the triangle – the orange dotted line – We have 2 bullish harmonic pattern – Harmonic Butterfly and Gartley – which would be completed at D – 1.07760 – confirming a minor correction and signaling the retest of the broken line. Another short opportunity at the retest of the broken line.
Based on the above information, our trade setups will be as follows:
Trade Period: Midterm Trading
Pair / Instrument: AUDNZD
Time Frame: H4
The trend in the Timeframe: Bearish
The trend in the Daily Chart: Bearish
Trade Based On: Triangle Breakout
Recommended Lot Size: 0.04@ 10 K Account with 1:100 Leverage
The Area Of The Entry: Potential Brekaout Level 1.08080 / Entry Notification will be sent to members at the breakout.
Stop Loss: 1.08400
Target 1: 1.07800
Target 2: 1.07600
Target 3: 1.07100
Trade Setup Based On Bullish Gartley and Butterfly Patterns:
Long @ 1.07770 Stop 1.07500 Target: 1.08000
Trade setup at the retest of the trend line:
Short @ 1.08000 – 1.08100 Stop @ 1.08500 Targets: 1.07600 and 1.07100
What to Pay Attention: The setup is based on a bearish breakout of the triangle. We have another scenario and an alternative setup based on the bullish breakout. If we see the pair trading in a bullish direction we will publish it for the members.
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