First of all - AUDNZD is still on a downtrend based on the drops we have seen over the last 4-5 weeks. It has fallen from the high of 1.0745 but I see a pattern setting up at around 1.0275 to take the side of the bulls.
Last week's low was established with a double bottom on the H1. This low will be a good base and there is a bat pattern emerging. I expect it to...
Hey traders! AUDUSD has potentially completed a double combination triangle/triangle sideways correction. The breakout into wave-e was expected, now it's time to buy the pullback toward wave-v-of-((c)) if one should occur. SL can be placed tightly below wave-i which acts as an invalidation level. Will update wave count as they roll out.
possible C wave of a corrective structure from the low in this pair. The larger ending diagonal is looking rather fake. Just observing this pair, can't trade it now without clarity.
I recounted this. We haven't yet seen an impulse up from the lovely purple ED, so price may squiggle down for another low. It would have to explode higher then for this count to be valid. The weekly chart still looks like a low is near. The alternative is a gloom boom and doom scenario.
Look for a breakout above last high. Then wait for a pullback and buy. If we get bullish divergence on the h1 chart would be an extra confirmation.
Stop Loss – below last low to be created.
Target 1 – 1.0340.
Target 2 – 1.0400.
Hey guys, analyzing AUDNZD for some friends.
AUDNZD is interesting.
It has completed 2 patterns
1. AB=CD pattern
2. Gartley Pattern
Both points to this currency pair rebounding.
However, I will be hesitant to go long until price the breaks the trendline in red.
Downward momentum is still very strong, will not feel safe going long without price showing it...
AUDNZD broke the trendline stopping mine last trade. It push down the cross towards the parity. Good short on the medium term period from this price with SL at the upper resistance and TP near the parity.
XA - is the impulsive bull wave from the low.
AB=CD - Correction is coming to an end. We are seeing a multimonth Flag Pattern.
I am expecting a fake breakout / bear trap to the downside, by breaking the flag to the downside, we are going to see a strong upmove in the coming days.
I entered a highly speculative long position @ 1.0275 with a tight stop @ 1.0249...
Keep an eye on AUDNZD, it might test again the 1.034-1.036 resistance.Watch out for bearish Price Action and a potential move to the downside from this major zone (1.006 target).
Happy Trading
