forexwithfred
Long

AUD/NZD - Wave 5 LONG - Technical Analysis

FX:AUDNZD   Australian Dollar / New Zealand Dollar
Having a look here into the AUD/NZD , technically I see a major key level @1.05454 where wave 5 will initiate its long as wave 4 comes to a close.

My key level here is located at the high of wave 1, which wave 4 cannot violate if this Elliot Wave analysis is to be validated. If the Key level is broken, I expect my 'Buy Zone' area to react as a strong support zone .

Using my ichimokuclouds Price has briefly broken through the kumo cloud but is now ranging in and out of this bearish kumo cloud.
Tenkan-Kijun Golden Cross has confirmed my bullish sentiment on the pair right now.

On my fibonacci pair, the 'Buy Zone' area is located on the 50.0 fib level. This 50.0 fib level aligns with the Kijun as they are both aligned with each other.

As for now I will analyse this pair until the Sydney session opens until making active trades on the lower timeframe.
Comment: Unfortunately price did break past my key level and buy zone but as you can see price did revert back up to my buy zone, breaking it, retesting and wave 5 was validated
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out