By Admiral Markets
The AUD/NZD shows Double Bullish Confluence on intraday time frame. We can see the W pattern that pushed the price up while at the same time it has formed the bullish SHS pattern (inverted head and shoulders). If the price drops to the POC zone 1.1050-60 (78.6, EMA89, D L3, Soulder bottom) we could see a spike towards 1.1130 W H4 target. The ATR (14) has already been filled so we might see another spike up during late NY or Tokyo session.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: AUDNZD Double Bullish Confluence
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