AUDNZD possible downside extension
In this article, we are drawing Pitchfork channels for AUDNZD
On the MonthlyAUDNZD chart, we can see that the pair is in sideways downside formation within the long-term falling channel and it is being attracted by the median line 0.9980 level.
Mentoring+six months Gold premium membershipLearn to find high probability entry trade entry points with stop loss and take profit levels in 5 minutes
Mentoring+six months Gold premium membership
Learn to find high probability entry trade entry points with stop loss and take profit levels in 5 minutesUsing Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first, look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets indicated below.
On the Daily chart, the pair formed a new downtrend Pitchfork channel which could lead to a test of 1.0270 in case of a downside extension below the 1.0530 level. By a trading perspective, look for the short trade entries with the stop loss above 1.0530 to target 1.0270 level. Downside invalidation will come on a stop loss trigger and a daily close above the 1.0530 level.
