Nevertheless we have to focus on what's in front of us and for context see link below:
We saw the start of a projected correction on Friday after the first impulse from 1.031 and I really like to see a retest of 1.0550 zone before we see the third leg higher. Since this will be the third leg we still have to assume that a new low below 1.031 is still possible although I favor a continuation.
I will therefore be looking for a three wave correction as projected in the 1 hour time frame chart. Keep in mind that this is a scenario but I show you this scenario because it will be the most ideal scenario for a buy trade. This is based on all technical tools I like to use, market dynamic and the characteristics of this pair. (the bigger picture AUDNZD fundamentals, I favor AUD bullishness) This wouldn't mean that the trade is invalidated if it differs from the ideal scenario but the more variables are supporting a trade set-up the higher the probability of a successful trade. This is how I work and you can make up to 10 or 15 analyses each week or as many as you like and only trade the ideal scenario's, or those who come close to the ideal scenario and you are on your way to become a professional trader. Be disciplined and patient is very important. If you want to see more of these set-ups follow me and visit my website once it is ready. I will notify all my followers.
Note: For those who think that this 1.055 area is based on , sorry you are wrong. This previous is based on all other variables you should really use to understand the market since like I said many times structure and market dynamic are leading, is after the fact and I have never seen a valid research that shows the statistics about how long previous is valid and where to place stop loss so you are actually trading winning trades with minimum risk/reward of 3/1.
Updates will follow
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Could you imagine AUDNZD to go straight up instead of retracement? It hesitated a long time and there was much divergence to oscillators on higher timeframe. So now the trend change seems obvious everybody might buy and go long?