AUDNZD upside momentums weakens
This is currently a very preliminary trade idea based off of the current momentum on this pair. I outlined this trade idea in three major points.
1. The run-up from March 19th ceased at the 1.0613 level. Price proceeded to pull back to my #2 label at 1.0477 level.
2. Nothing out of the ordinary so far as price would retrace after such a rally. What's interesting is that this next wave didn't make as significant of a move. Specifically, we can see it hitting the #1 label highs and then stalling.
3. I'm currently observing the price action signal at this level. It broke back below the 1.06 level and then made an uptick. If price fails to make a surge higher, we could potentially see this pair reverse.
Again, largely preliminary at the moment. Currently just keeping an eye on this pair for a potential opportunity.
1. The run-up from March 19th ceased at the 1.0613 level. Price proceeded to pull back to my #2 label at 1.0477 level.
2. Nothing out of the ordinary so far as price would retrace after such a rally. What's interesting is that this next wave didn't make as significant of a move. Specifically, we can see it hitting the #1 label highs and then stalling.
3. I'm currently observing the price action signal at this level. It broke back below the 1.06 level and then made an uptick. If price fails to make a surge higher, we could potentially see this pair reverse.
Again, largely preliminary at the moment. Currently just keeping an eye on this pair for a potential opportunity.
Order cancelled:
Given my preliminary trade idea, this signal has not formed. No trade has been entered. Scrap and move on to next idea.
Comment:
EDIT: correct chart now attached