Sideway move of AUDNZD shows possible WRMB or BM

Month to Month on the D1 chart we can see several things.

D1 charts of AUDNZD

D1 charts of AUDNZD

  • 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.

Possible WRMB or BM on H4 of AUDNZD

Possible WRMB or BM on H4 of AUDNZD

  • 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.

 

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