2. was broken
3. There was the initial minor rally.(DBOL)
4. Price dropped from there, and did the first selloff that normally seeks to retest the sell climax (SX). There was overshoot in the test, thereby producing a LL MTR . (A Low that sought after parity. ( I remember holding this trade for 4days , targeting parity, which ended up as one of my single biggest wins)
5. Price has rallied from parity since, and got turned down from the DBOL zone.
This comes up as an Inverted Head n Shoulder Pattern(See my other post, 1month ago, on the HnS that was)
1.05000-1.06500 is a strong KEY ZONE, and my expectation is to see price bounce up from here
HURDLES IN THE WAY:
Should these levels be turned floors, I think the ultimate Measured Move Target of 1.24450-1.2650 would be reached.
I’m sitting on my hands, waiting for a low risk signal that would offer a tight stop for a huge win. Otherwise, the last last low could pass for my conservative swing trade StopLoss
Building Stable Wealth With Patience.
NB: I would soon make my PAMM link available for investments.
The PAMM is currently doing 107%, Since its inception in March 2015
I'd be tempted to short the short term rally target if we get a time at mode signal. If not there's significant resistance at 1.085-89.
Keep in mind that fundamentals would aim for parity in this instrument, or even lower. Just an interesting sidenote, since both economies are rather similar, with fundamentals favoring NZD over AUD right now.