AUDNZD weekly & daily supply. Wait for confirmation to short.
Price Altitude: Middle
Daily Trend: Uptrend
4H Trend: Uptrend
Analysis: AUD gained significantly against NZD after economic news out of New Zealand last week and price has now reached the weekly supply and lightly touched daily stacked supply to retrace lower forming a 4H supply in the process.
Prediction: Due to the parabolic rise in price into higher timeframe supply, it is no longer an advantage to go long on the AUDNZD with a 4H supply that has formed @ 1.11448. At the moment, wait to see what price will do. If price continues upward, look for shorts.
Price Points of Interest:
4H supply inside daily supply @ 1.11983
4H Supply @ 1.11448
4H Demand @ 1.1045
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Daily Trend: Uptrend
4H Trend: Uptrend
Analysis: AUD gained significantly against NZD after economic news out of New Zealand last week and price has now reached the weekly supply and lightly touched daily stacked supply to retrace lower forming a 4H supply in the process.
Prediction: Due to the parabolic rise in price into higher timeframe supply, it is no longer an advantage to go long on the AUDNZD with a 4H supply that has formed @ 1.11448. At the moment, wait to see what price will do. If price continues upward, look for shorts.
Price Points of Interest:
4H supply inside daily supply @ 1.11983
4H Supply @ 1.11448
4H Demand @ 1.1045
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Comment:
4H Demand @ 1.1045 still holding price, a new supply formed at 1.10400. If price takes that out, will look to longon a pullback into 4h supply @ 1.11500