In this article, we are drawing Pitchfork channels on AUDNZD
On the daily AUDNZD chart, we can see that the pair is testing the upper channel 1.0700 level and is being violently rejected by it. This is increasing the possibility of a 1.0530 level test.
Andrews Pitchfork trading technical analysis is included in Mentoring!
Using 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.
On the H6 chart, the pair formed an uptrend Pitchfork channel which is broken by a close below the 1.0700 level. The downside resistance 1.0530 needs to be broken for the pair to extend downside into the 1.0250 level. By a trading perspective, look for the short trade entries with the stop loss above the 1.0700 level targeting 1.0530 level first, and in a case of a daily close below this level look for the extreme extension lower into the 1.0250 level. Downside invalidation will come on a stop loss trigger and a daily close above the 1.0700 level.
