Sideway move of AUDNZD shows possible WRMB or BM
Month to Month on the D1 chart we can see several things.
- Price has been moving side ways for 2 weeks.
- Price is currently range bound with supports and resistances of previous month highs
- Price is also close to the top of an upward equidistant channel.
Week to week on the H4 charts, we can see a clearer picture of the range price is moving in.
- Previous trend is Up
- Price is currently moving side ways in a range with the top and bottom bound by supports and resistances of previous weeks highs and lows.
- This gives us a possible basis for either WRMB or BM setup.
- Bullish Expansion would give us a BM for a buy setup which could clear the high of the equidistant channel
- A failure of this expansion might lead to price seeking support of the recent H4 lows
- Any Bearish expansion below the H4 support could become a possible H4R setup.