AUD/NZD: Market eyeing inverse H&S on weeklies

Everyone is a technical expert these days and the inverse H&S on the AUD/NZD weekly chart is attracting plenty of bottom pickers. The obvious stop-loss level is below 1.0470.

Not for me though. despite my contrarian tendencies, this trade is already too popular and the reaction to yesterday’s excellent AUS GDP number wasn’t strong enough for my liking.

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