The two Australasian currencies are represented in the Australian Dollar vs. the New Zealand Dollar pair. High Rollover rates and like geographical locations cause them to often trade alike against other currencies. Because of this the pair is not extremely affected by global factors or trends but instead reacts more to changes in the local economies.
Nice LONG approaching for AUDNZD after a downwards trend over the recent weeks.
Stoch needs to recover, and retest the resistance / support channel shown.
Looking for a retracement to the Daily structure line @ 1.10074 where I will look to buy. Putting a SL below the low of the 4H Fib @ 1.09587, and aiming for either the long term trend line (lime green) or the 1.18 extension as we have just breached the 86% retracement in the down BC swing. D1 and H1 StochRSI are both hovering around the oversold line to indicate ...
Price reached the top of the wedge and is now ranging between 1.11175 and 1.10253. I think It will drop back down and I will enter once the candle closes below support.
It looks like a beautiful chart.
There is potential to the downside for this pair. My logic is this:
We are seeing some weakness in Gold today, which almost goes hand in hand with AUDUSD.
That pair has been selling off today (Friday).
Also, NZDUSD has broken the "neckline" and now heading upwards (See my last NZDUSD idea).
So, weaker Gold and stronger NZD are ...
AUDNZD has been overbought the last few weeks, taken it up to yearly highs for 2017, We have seen an impulse move to the downside and we are now in a Bear Flag, expecting further downside movement once a Breakout is formed.
Expected downside target of 1.0920 NZD expected to get stronger - short term pullback
WEEKLY: This pair has broken a weekly key area of resistance. This pair has finally made a retest of this area. Many people will be looking to go short but i am going long. The best advice follow your OWN analysis.
AUDNZD - UPDATED AFTER PREVIOUS STOP OUT OCCURED.
SHORT POSITION
After a previous stop out yesterday, re analysing the pair on the daily time frame has confirmed as a SELL position.
Doji candle has already signalled the reversal indicating that the price could drop down as far as the SUPPORT line due to BBANDS showing good amounts of volatility.
SHORT AUDNZD.
The price has hit resistance after a bullish couple of weeks.
Confident that we will see a BIG SWING SELL down to atleast the lower band or possibly support.
I was trying to count this as 5 waves -- but it appears to be in 3`s -- I am trying to improve my elliott wave analysis - because I want to forecast targets more easily. I dont think its impulsive (5) but I do think it is motive in 3 wave advance.
I hope to get better at visualising wxy wxyxz and try not to count everything 5-3.
I got a lot to learn either way
I am currently trying to teach myself more Elliott wave corrections - The trade tool is there to show where I would enter and exit the trade and be out the trade if wrong - believing it to be a double 3.
It is for my own reference please do not take it as a valid setup that I would normally use - For my education only...
Possible elliott count - C wave
I will let it fall and make a 1 hour flag before deciding whether to sell or not.
If it makes another flag for a buy I will buy again.
