I decided to prepare a new post for this pair to clean it up so it might be easier to see what we are looking for in terms of buying AUDNZD . Key to understand is that I'm looking for either a wave 3 or C higher which means that we need to see a 5 wave structure. These 5 waves will have impulses of lesser degree as well. So by focusing on this pair alone we can take many trades. My cumulative risk will never exceed 2% so I will keep buying with 2% risk and move all my previous trades at least to break-even when adding. This way the overall risk/reward will be tremendous as you will see over the next trading months.
Nevertheless this is all scenario planning, although my clients know that I'm planning and forecasting this move for almost a year with many short term trades up to this moment, nothing has been confirmed yet and any kind of emotion should be ignored, either a positive or negative bias.
I've been triggered long again after the first attempt last week at 1.0346 which was 78.6% Fib as well as an important level in terms of this months trading range.
This was an aggressive entry and I never share pending orders to catch tops and bottoms on Tradingview because I manage these entries manually and updating those entries will result in misunderstandings and lags. I will always share a trade where you can rationalize stop-losses because trading is about planning scenario's and therefore managing Risk.
So what will be next?
We see an impulse of lesser degree from the recent low. Let this settle and consolidate to buy the continuation with your stop below the consolidation. Keep in mind that AUDNZD is a ranging pair which has certain characteristics. Both economies are very depending on each other so this will influence the Central Banks behavior for example.Be patience because it will consolidate and provide us with an even better entry than my pending buy. If it doesn't consolidate and reverses you are not in the trade.
updates will follow
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I expect to see a consolidation soon, once this settles we should be looking for buy's again. Updates will follow once we see the consolidation to be in progress.