Looking for the break of AUDNZD

Pretty clear chart here on the hourly. Impulse, sideways corrective pattern, and now chance for another impulse. There are lots of potentially AUD positive events on the near horizon, most notably RBA tomorrow (2nd April Australian time) and Australian budget. There are other indicators to suggest it's at a bit of a tipping point (50 SMA for example), but I think it looks ready for a pop, though I won't go into it until it can prove a break of the pattern. This might mean waiting for the impulse break and then buying the corrective pullback.

Note: I have been short NZDUSD but am looking to use this strategy to go long this pair. I am still bearish the NZD, but think AUD has some upside potential

Comment:

Remain patient on this one. It's smack bang in the middle of the sideways structure, so it might need the AUD fundamentals tomorrow (2nd April Aus time) to make it break one way or the other

Comment:

OK, we have an impulse break now on the back of New Zealand business confidence for Q1 that has printed weaker (-29% vs prior -17%), so for me, this keeps the possibility of a May rate cut by the RBNZ firmly in view. We could be on the verge of a very big break out in this pair depending on the tone set by the RBA today in about 6 hours from time of writing. Maybe let this little impulse correct first, but look to get long!

Comment:

weaker AUD building approvals might prove to be a good place to add to this one. We will see in 10 mins

Comment:

OK gang, we just had a very strong Australian building approvals and the markets have basically brushed it off. I HAVE COVERED MY AUD LEG. I am now just short NZDUSD, but I am looking to re enter post RBA. This is risky, but, I am simply reading the tea leaves in terms of what the mkt is doing here and now. Yes, I am second guessing a bit here, but current PA is telling me the market is more concerned about the RBA in 2.5 hours time than the building approvals number. I like short NZD anyway, but prefer to be long AUD against it rather than USD, as dxy could suffer and pull back soon, and thats going to make usd positions unattractive

Order cancelled:

CLEAR OUT! THE MARKET HATES THE AUD BASIS THE RBA! GET OUT OF ALL AUD LONGS!