The Breakout Trader: a post on AUDNZD

I will post today a translated version of an entry in the Portuguese Blog The Breakout Trader by trader Nuno Mello. If you want to check the original please follow the link bellow the text.

 ''During the night , the RBA decided to keep the interest rate unchanged
at 2.50% and maintain its neutral position, supported by the fact that
the inflation projection for the next two years , remain stable at 2-3 %.
 Data about current account, higher than expected (Acts AUD -5.7 bn vs Exp CHF -7 million) also helped boost the AUD.

 I follow with particular interest , the pair AUDUSD but once lateralizes
within a descending channel ( lying at this point exactly halfway
between the lower and upper limit ), I decided to look for other pairs
with AUD. The AUDNZD pair was the pair chosen for my analysis today.
 Now everyone knows my pessimistic view regarding NZD. Technically AUDNZD is a very interesting situation, having activated a head-and- shoulders reversed last Thursday.
 This pattern took nearly six months to form and its theoretical target is quite ambitious : 380 pips. In
my opinion the AUDNZD has the potential to go test at least the level
of 61.8 % fibo of descent moves that began in late October last year and
finished in January this year'' 

The Breakout Trader: AUDNZD....