AUDNZD to Move towards Parity. Awaiting for Pullback & High Probability Short is in the offing. if Pullback Extends above 1.12962 can Signal Re--entry into the Trading Range.
IM ALREADY SHORT IN THIS PAIR BUT IF PRICE RETRACES AND TAKES ME OUT OF THE TRADE THEN THE NEXT LEVEL I'D LOOK TO SELL IS AT MY CLUSTER ZONE/SELL ZONE. IVE GOT LOADS OF CONFLUENCES AT THIS LEVEL WHICH ARE THE 0.5 AND 61.8 FIB, SUPPORT TURNED RESISTANCE STRUCTURE LEVEL, MAJOR TRENDLINE, DYNAMIC RESISTANCE (50 MA) AND A NICE PSYCHOLOGICAL ROUND NUMBER (1.03000)....
Formation of a bear flag on AUDNZD Daily chart.
IF this flag completes its measured move we could possibly see this pair at parity in the future.
Notable lows - 1.02850 Jun 1997, 1.03573 Jan 2015, 1.04320 Dec 2005
IF further rate cuts by the RBA come to fruition we could possibly see this currency pair fall further, see above.
NZ Finance minister Bill...
Disclaimer: I know I've written AUDJPY in the headline. Bummer, but I cant edit it. This is of course the AUDNZD I am looking at.
The AUDNZD has been massively bearish since november this year, and I am only looking to join the short momentum and short this pair at the moment,
On the 17th of December AUDNZD broke through the 1.053 level, which acted as key...
I was waiting a long time for this brakethrough, a few days ago on this chart. finally it happend.
Now im waiting for a pullback and hopefully we will find some resistance below the trendline.
have a nice trading week, see ya.
Potential Bearish Gartley on the 4 Hour Chart:
To enter, drop down to the 60 minute and wait for a the retest of the 0.618. If it fails to break short at that level and place
a stop just above the .786.
Since we're in a downward trend you can take profits at the .382, .236, or lower if you're feeling daring!
