AUD/NZD WEEKLY CHANNEL RESISTANCE AND STRUCTURE

The pair has reached the resistance area of a massive downward channel it was trading in for the last 3 years.


The resistance line is porous, and is more of an area though, which can be seen by the spikes of the weekly candle shadows spanning way outside the channel borders. The horizontal structure to the left helps us determine the potential area of resistance where the upward move can be reversed.

I will be watching the price action closely to determine entry points.

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Wish you all best of luck in your trading!