AUD/NZD
Our expectations:
Daily - The price registers a breakthrough in the medium-term downward channel and successfully tests the already fallen diagonal - already diagonal support. It is also necessary to note that at the last upward wave we have a breakthrough on the reverse H&S - a figure defined as a trending turn. The price also reaches a short-term horizontal supported by 38.2% Fibonacci correction. Price Action - Double tick below, an extremely strong bullish signal with a success rate of over 80%. DeMarker is in the over-sales area but still does not give a signal for purchases (spin up). Daily 50SMA and 200SMA each have no influence on the couple as regards their movement over the past 2 years.
I expect the price to test the peaks in the next week. Stop Loss from the current levels will be suitable for the levels below the support zone. Since the Price Action signal is very strong, we can afford to put a thinner stop, this time expecting Stop Hunting to be absent.
SL: 1.07615
Alternative Scenario - If the price goes back below the level of the two below (1.07761), the positive scenario will be spoiled and more likely to see a decrease in the pair's price.
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