AUDNZD Weekly Fakeout

The weekly close is near and an interesting pattern formed. Have a close look at the weekly chart to see the power of this pattern.

We now have:

• Outside mother bar, No close out of the box
  
• Classic fake breakout
  
• Wave 5 finished on Daily/4H timeframe
  

Market was sold off, but quickly recovered and closed inside the box. This indicates, that the selloff was not sustainable.

I was watching AUDNZD for some weeks now, have a look at the last two analysis to see the exact predicted entry:

The last one had the 4H double bar entry signal mentioned in the text:

The previous analysis made clear, that the triangle forming is wave 4 and a final push to the downside is required to finish this pattern.

Watch out next week for a good entry signal. Take advantage of the never-ending stream of opportunities in the markets.