AUD/NZD – Pattern within a pattern

 

So AUD/NZD has come to my attention with this beautiful technical set up having a pattern within a pattern.

The large channel we can see comes from the weekly timeframe, and we recently had an aggressive sell off with price reacting from the upper channel boundary around 1.0800.

As we are now approaching the channel base we can see we have a smaller channel running into this area. Whenever you have two patterns converging like this is can offer a fantastic reversal area.

We will now be looking for buyers to step in and drive price higher with the initial target of 1.0480. If this is broken there is plenty of room for this pair to run even further!

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