AUDNZD: Bulls charging

Good Afternoon Dynamic Trader

I hope you've all had a refreshing long weekend and have a spring in your step for this wonderful April trading week. Well after a quiet few days on the markets, this morning has seen an array of market action, some in favour of the bulls and others in favour of the bears.

The bulls are charging forward on AUDNZD at the moment. I wrote about this pair on 11 March and mentioned I was awaiting a BOB of the recent high to enter a long trade. Today price is breaking the high with some real volume - of course anything could happen between now and end of trading day, but it's looking in good shape for a BOB. The recent flag formation, the VI curling up and ST all support a possible continuation to the upside.

















The next possible level of R is the RN and then beyond that it's worth checking your weekly/monthly TF's.

If you're not in this trade already, the BO strategy could be used should price confirm a BOB. If price decides to pullback, this could also be an entry method should confluences still support a long trade.

Abundant trading!
Sonia Molina