AUDNZD - Long - Roadmap to 1.15 (?)
AUD was reversing with a weekly bullish candle against NZD from the 0.382 level of previous mid-term bullish swing. Moreover it broke the mid-term bearish trendline. A bullish @886 Gartley can be identified as well and the price was at the meantime bouncing back from the uptrendline. This is a continuation pattern and we may target 1.272 extension of the Gartley which is just above 1.15 level. Coincidentally this is the 0.382 fib of the broad bearish move between 2011 and 2015.
The weekly bullish candle shows strength, RSI is just above 60 on 3D chart and 57 on weekly. However the price is approaching a resistance at 1.094 which is the 0.618 fib of mid-term bullish swing and 0.236 of the broad bearish swing. It is likely to have a retest of 0.5 fib (1.083) in the short term and then go from there. Long positions can be opened above 1.094 resistance. If short positions left open the retrace might be an opportunity to close them otherwise above 1.094 should invalidate previous shorts in my opinion.
Potential Elliot Wave mid-term counts on the chart. 1.127 can be a strong resistance that may lead to wave 4 retrace.
These are my personal views only. Please trade carefully! Likes and comments are welcomed and are greatly appreciated.
The weekly bullish candle shows strength, RSI is just above 60 on 3D chart and 57 on weekly. However the price is approaching a resistance at 1.094 which is the 0.618 fib of mid-term bullish swing and 0.236 of the broad bearish swing. It is likely to have a retest of 0.5 fib (1.083) in the short term and then go from there. Long positions can be opened above 1.094 resistance. If short positions left open the retrace might be an opportunity to close them otherwise above 1.094 should invalidate previous shorts in my opinion.
Potential Elliot Wave mid-term counts on the chart. 1.127 can be a strong resistance that may lead to wave 4 retrace.
These are my personal views only. Please trade carefully! Likes and comments are welcomed and are greatly appreciated.
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Comment:
Re-testing suppport, might be retracing to 1.083 0.5 fib. If so I am expecting a reversal from there as my bias is still bullish.
Comment:
At this time rather than being a re-test this move might have been a fake-out. Clearly the trendline was broken and now re-testing. We might be seeing further down movement to 1.083 which is the 0.5 fib of XA.
My bias is still bullish for the longer-term and in my opinion setup is still valid at this point.
My bias is still bullish for the longer-term and in my opinion setup is still valid at this point.