AUDNZD - Trend-Following Setup!

Oct 14, 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

As per my last analysis, AUDNZD rejected the green resistance from weekly and traded lower.

NOW WHAT?

AUDNZD is overall bullish trading inside the brown channel, however, it is now approaching the lower brown trendline acting as a non-horizontal support zone .

Moreover, the zone red zone is a resistance turned support.

So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the red support zone and lower brown trendline. (acting as non-horizontal support)

As per my trading style:
Since AUDNZD is around the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

If the red zone is broken downward, then further bearish movement would be expected till the blue support 1.10 - 1.105 where we will be looking for new buy setups.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich