AUDNZD Fading double top at upper resistance
Over the past months AUDNZD has been forming a triangle which has held up very good, with some reversals that have been very exact on both upper and lower border of the formation.
As put here RISK:REWARD is about 1~5. Notice a significant improvement of this could be had with a different entry. An entry at the first touch of the drawn line could potentially make this close to a 1:10 R:R
Some have speculated that the recent rate change for the Kiwi would take it into a general uptrend. However looking back through the charts for latest times this has changed, the influence has been only very brief - and price has returned with normal reactions to support and resistance levels. Further the R:R should more than justify the possible risk of going against this recent thrust upwards.
As put here RISK:REWARD is about 1~5. Notice a significant improvement of this could be had with a different entry. An entry at the first touch of the drawn line could potentially make this close to a 1:10 R:R
Some have speculated that the recent rate change for the Kiwi would take it into a general uptrend. However looking back through the charts for latest times this has changed, the influence has been only very brief - and price has returned with normal reactions to support and resistance levels. Further the R:R should more than justify the possible risk of going against this recent thrust upwards.