Corrective Structure and new impulse / AUDNZD
Main items we can see on the chart:
a) The price is above a Resistance level now working as a support
b) Generally, after the breakout of any area, the price will tend to correct creating a pullback/throwback to the previous zone
c) Now we can see the price doing that towards the support zone
d) If the price reaches that level, we will pay attention to the breakout of the structure and we will look for a trade setup towards the next resistance zone (descending trendline)
a) The price is above a Resistance level now working as a support
b) Generally, after the breakout of any area, the price will tend to correct creating a pullback/throwback to the previous zone
c) Now we can see the price doing that towards the support zone
d) If the price reaches that level, we will pay attention to the breakout of the structure and we will look for a trade setup towards the next resistance zone (descending trendline)