AUDNZD - Final swing up
AUDNZD is a very tradeable pair if you watch it long enough and trade only at major swings.
For the past 10 years, price has been in a very wide range.
For the past 1 year, a triangle appears to be in the works, but we do not call triangles until is is fully complete.
I believe it is now in Wave C of the last swing (Wave 'e' of the potential triangle).
If price manages to complete it successfully (near 1.1000), then there is a possibility of a breakout of the 10 year range. This is because triangles are typically penultimate moves.
But for now, a long with stops below 1.0620 seems like a good bet.
Good luck!
For the past 10 years, price has been in a very wide range.
For the past 1 year, a triangle appears to be in the works, but we do not call triangles until is is fully complete.
I believe it is now in Wave C of the last swing (Wave 'e' of the potential triangle).
If price manages to complete it successfully (near 1.1000), then there is a possibility of a breakout of the 10 year range. This is because triangles are typically penultimate moves.
But for now, a long with stops below 1.0620 seems like a good bet.
Good luck!
Comment:
Daily chart showing the possible triangle.
Comment:
10 year range.
Trade closed manually:
Might be wrong on this. Closing trade for now.