OANDA:AUDNZD   Australian Dollar / New Zealand Dollar
M - market made highs and failed to make higher highs. Price has now,declined and is on a downtrend
A - price retraced to what can be considered two areas of value. First is the right shoulder formation and second is the 38% fib level.
E - entry was on the engulfing candle stick rejection on the 38 fib level
E - exit will be at 0% fib level