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"Just Trend Analysis" ......... ❓ARE YOU SELLER OR BUYER? 💲Idea by: #Arsham
AUDCAD has corrected from its 2nd impulse and on the 5th eliot wave - will be expecting another impulsive wave it has also retraced to support in the uptrending channel when taking a closer look there is a lowering wedge pattern and is on it last stage before the break out - 5th wave strong buy FX:AUDNZD
Price respected resistance back on the 29th march. Price has then come up to the 2HR resistance and broke 30min trend line. 26 pips with a R:R of 2. Expect further bearish next week.
AUDNZD is resting a key level of previous resistance on the daily time frame. A closer look on the 4H chart shows price hovering around a key 61.8% Fibonacci level. We can see some nice bullish confluence on the 4H chart for a potential entry: -Support on the trendline -In line with the current uptrend and 200 day EMA - Confluence among indicators -Potential...
Possible of BUY trade
potential buying opportunity with tight risk management
This idea is based on triple bottom pattern, new rising trend with t/p indicated by Fibo, this is a weekly chart analysis hence long term investment with appropriate s/l
Completion of the "M" formation on the daily.
Here we can see that AUDNZD has broken out and last week price moved to a new higher high(within 6 months), as predicted it has come back for a retest. I will now wait for confirmation before placing a buy position. My target is 200 pips which is at the channels top. I am also backed by the fundamentals for this trade.