2HR TIMEFRAME ANALYSIS ON AUDNZD
at the first glance with candlestick visibility, knowing exactly what price forming is difficult. price is currently trading in a horizontal channel and at the same time formed a head and shoulders pattern. the previous support level at the left shoulder of the pattern can be used as a reference level for price to bounce off. if price breaks through that level, then we might see price reaching the edge of the channel otherwise you might just be early in the trade before price breaks the neckline of the pattern. in the same setup, when price bounces off the neckline, that might also be a continuation of the ascending triangle with its fifth wave. look for entries on the lower timeframe.
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