TimStuyts
Short

AUDNZD, possible pullback for a great buy

FX:AUDNZD   Australian Dollar / New Zealand Dollar
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AUDNZD made a strong reversal and this suggests that the Flat correction on the higher time frame has ended. I believe that the structure of lesser degree shows us a possible wave 2 correction to be next.
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 ( daily chart ). 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 technical analysis 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!
Comment: AUDNZD finally is correcting as we anticipated for a likely wave 2. We tested the highs of August and I determined two high probabiliy contraction zones for a likely bottom. Shown by means of the horizontal dotted trend lines.

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!

nice chart brother. The last few corrections were very slow, so it'll be interesting how this develops.
+1 Reply
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