AUDNZD : Bouncing Inside The Symmetrical Triangle
AUDNZD : As the price is moving inside the drawn Symmetrical Triangle on 1D Chart while testing each Upper and Lower Trendlines, the most recent touch on the Lower Trendline has pushed the price to an upward momentum where it showed a reversal up to a point marked on the Support01. Again from that level onward the price has begun to move up with a clear Retracement in the vicinity of Fib Level at 0.382 but it's still in a newly formed Bearish Trend. Once the price breaks out the Resistance01 as shown on the chart and the recent Higher Low of its trend, the price is most likely to reach the Upper Trendline of the Symmetrical Triangle in a new Bullish Trend. Also if the price falls below the Resistance01 and Support02 it may continue its Bearish Downtrend until the Lower Trendline.
The applied Elliott Wave Theory will be true and active when the Motive Wave 3 is completed when the price breaks out Resistance01 and move up in a Bullish Trend till the Upper Trendline is breached as well. It will extend the Upward Momentum beyond the Upper Trendline when the Elliott Wave Theory has been confirmed.
Also as a tightening of the Volume Indicator appears it shows that price is closing in on the Apex of the Symmetrical Triangle ultimately triggering a Breakout on either Upper or Lower Trendline.
It would be better to wait until the price has crossed and closed about three candlesticks above the EMA 16 after the Resistance01 has been breached to confirm the Bullish Trend to go Long at 1.08800 and Exit at 1.10800. Also it would be better to wait until the price has crossed and closed about three candlesticks below EMA 16 when the price has reversed from Resistance01 and moved below the Support02 to confirm the Downward Momentum to go Short at 1.05500 and Exit at 1.04300
The applied Elliott Wave Theory will be true and active when the Motive Wave 3 is completed when the price breaks out Resistance01 and move up in a Bullish Trend till the Upper Trendline is breached as well. It will extend the Upward Momentum beyond the Upper Trendline when the Elliott Wave Theory has been confirmed.
Also as a tightening of the Volume Indicator appears it shows that price is closing in on the Apex of the Symmetrical Triangle ultimately triggering a Breakout on either Upper or Lower Trendline.
It would be better to wait until the price has crossed and closed about three candlesticks above the EMA 16 after the Resistance01 has been breached to confirm the Bullish Trend to go Long at 1.08800 and Exit at 1.10800. Also it would be better to wait until the price has crossed and closed about three candlesticks below EMA 16 when the price has reversed from Resistance01 and moved below the Support02 to confirm the Downward Momentum to go Short at 1.05500 and Exit at 1.04300