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michaelronnfeldt

AUDNZD - Slowly heading down for a 3rd touch

Short
Australian Dollar / New Zealand Dollar (FX:AUDNZD)  
michaelronnfeldt Updated   
FX:AUDNZD   Australian Dollar / New Zealand Dollar
Trend Analysis AUDNZD
2
0
trendanalysis audnzd
It looks like AUDNZD is slowly heading down in a descending wedge (blue). I've marked the ascending channel (red). If if follows the previous pattern, we can expect an impulsive move up in the next month of so. In the short term, you can short any rejections of the descending wedge. Long term, I'm waiting for a rejection of the ascending channel (3rd touch) which could launch up 400-500 pips over the course of a month.
Comment:
I've also included the bar pattern from the previous wave as an indicator of what could happen.
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