# AUD/NZD Reversal Chart Pattern (April 21, 2014)

Source: https://www.tradersway.com/resources/market-info/aud-nzd-reversal-chart-pattern-april-21-2014/
Language: en
Updated: 2014-04-21

A double bottom chart formation can be seen on AUD/NZD’s daily time frame, indicating that a long-term uptrend might be in the cards. This could take place if the pair is able to make a strong break past the neckline of the formation around the 1.0900 major psychological resistance.



Stochastic is reflecting selling momentum for now though, which means that Aussie buyers are waiting for a good catalyst before going long. An upside break from the neckline could yield as much as 400 pips in gains since the chart pattern is roughly 400 pips high.



![AUD/NZD Reversal Chart Pattern (April 21, 2014)]



Going long at 1.0950 to catch the breakout and setting a 100-pip stop below the neckline could yield a 3.5:1 return on risk if one aims for the 1.1300 major psychological resistance.



*By Kate Curtis from Trader’s Way*