FullTimeTrader
Long

AUDNZD-ideal setup for a long

FX:AUDNZD   Australian Dollar/New Zealand Dollar
597 2 12
This pair is still making a complex corrective structure not very clear.
So i will use another non-traditional tools like the "personality" of this pair and EW guidelines.
Looking at monthly chart we can see price had a similar behaviour when reached all-time highs.
It retraced to the 0.61 fib retracement and formed a perfect head and shoulders pattern.
snapshot

We could have the same behaviour here. Some other reasons are:

- Previous wave 4 acting as support
- 0.61 fib retracement
- Strong structure
- round level 1.05000 as support
- potential inverse head and shoulders pattern

I will place buy limit orders near 1.055. IF price gets there it will be a high probability trade.
SL below the round level 1.0500

I prefer to anticipate the market to have a better R/R ratio. Its just my trading style. Other traders would prefer to wait for a confirmation and thats very valid.

Best regards
AndrewHook
a year ago
Interesting idea. Today and tomorrow data will be published for both currencies (AU employment today/ Nz CPI tomorrow). Next big up could be for Oz ;) Lets see and good luck.
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FullTimeTrader AndrewHook
a year ago
it could take more time because both pairs a getting stronger a the same time. We have RBNZ rate statement on Wed-oct-28. This could be a great catalyst if they cut rates. Regards.
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