A wave 2 tends to retrace sharp, however we have to keep in mind that we might be dealing with a wave 3 of larger degree ( ). In a wave 3 we often deal with shallow retraces because this tends to be the strongest impulse.
Nevertheless, I will be looking for a reversal and once the correction ends I like to buy AUDNZD again.
Below you see my bigger picture wave count where I count a bottom to be in place. We are also able to spot a classical pattern by means of an inverted head and shoulder pattern. I like the fact that we see such a pattern at the higher time frames at an all time low for this pair.
Updates will follow
Have a nice weekend!
What I try to say if that if we see a reversal out of one of these zones we have an even better trade than when price reverses out of no-mans land.
However we have been on top of this pair for over a year already and this buy you don't want to miss!