FX:AUDNZD   Australian Dollar/New Zealand Dollar
44 4 2
Looking for a breakout to the topside eventually of the corrective wave pattern.

Perhaps it'll breakout and retest this coming week. If so, go long and hopefully we can make some pips.

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Hi,

after the massive Pullback back to the blue support area, you still think we ll go long? I mean, in my view I am also looking for long trades here, but my mind says right now - Attention - this daily decline wasn't a sign of a long trade yet. I guess a dip to new lows are possible ( 1.0400-1.04500 ) and then we can see a rise . Let me know what you think. Fundamentally its also long for me as RBA is neutral and RBNZ will go back to easing upcoming meeting
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Forex-De-Lis robert.zach.7543
I do, eventually. If it continues down the channel then we'll neve initiate a trade. If we look at a higher time frame below (weekly), you can see it's a pretty nice Bull Flag setup.
snapshot
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Forex-De-Lis robert.zach.7543
Back to a lower time frame, we'll just have to watch and see what it does. As you said, the daily decline isn't a sign of a long trade yet...key word being yet. I've circled what i'd like to see in red as the area i'd like to jump into a trade. only if we see a higher high/low outside the top of the channel and then a retest validating the downtrend as new support as opposed to resistance.
On the other hand, it could continue to travel down the channel which may give you some short setups if you're comfortable with this risks.
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Forex-De-Lis Forex-De-Lis
snapshot
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