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A roadmap for $AUDNZD

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After months and months of bear market activity $AUDNZD is finally signalling bullish resistance. $AUDNZD on the 4h chart The downtrend was violated (red circle) and was tested from the upside for a bullish rejection. I entered a small long at 1.0427 which I intend to hold as long as the pair is not violating the young uptrend. Longer term targets will be in the 1.0850 - 1.09 area, which currently is the intersection of a projected channel and a bearish trendline. Should the price action form a bearish pattern earlier I am bailing out of this scenario and bets are off for me. $AUDNZD daily chart *All ideas presented here are my personal opinions and not investment advice. Take responsibility for your own risks and trades!
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Does technical analysis work?

I recently answered a question on www.quora.com . The question was: What is the theory on which Technical Analysis is based? This is what I wrote: The assumption is that the psychology of market participants is a main driver of price moves. Technical analysis is a tool to visualize and measure market psychology. In this sense technical analysis does not actually predict anything, it just relates current price to price history and gives you an indication of market direction. Thus increasing your odds of a successful trade if the general market direction persists. Developments which change the fundamentals of a market and thereby the investor’s evaluation of price in relation to price history, will result in a re-calibration of market psychology. For example, a surprise rate increase/cut by a central bank can break down strong trend in the forex markets. Any feedback is welcome.
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