This pair is now testing the resistance of the channel on the H4 chart. If it breaks the resistance it will open up to the major resistance, but I will wait patiently for at least a H4 close above resistance (aggressive entry) or even a close above the Major Resistance level @1.0765 (conservative entry)before entering a trade as there will be more than enough pips to be made. To enter now will not be good risk management as there is not enough space for a Stop Loss in the channel. If it fails to close above H4 channel resistance, no buy trade as it will test lower levels again. The inverse head and shoulder pattern is still in the making.

AUDNZD H4 - Inverse head and shoulder pattern in the making

Source: Maryna

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