Potential Buying Opportunity on AUDNZD pair
Updated
Hello traders!
AUDNZD in April bounced up from 1.05000 and came to 1.09600.
Then it has been retracing since May. You can see falling channel. I expect further price movement to 1.10500.
A question is how I can involve? Well, potential zone for buying is 1.07500 and 1.7100. (orange box)
That zone has been tested multiple times. Check it on D timeframe.
I need more confirmation. So, on this zone, you can see Fibonacci retracement 50%.
And if I use Fibonacci extension tool from A to B, then 1.272% ratio comes right at this zone.
Also, these is a potential harmonic pattern ABCD (equal measured move)
Another confirmation is Garley Pattern, you can see the impulse leg starts from 1.06600 and starting point the X.
Thank you and good luck in the markets!
AUDNZD in April bounced up from 1.05000 and came to 1.09600.
Then it has been retracing since May. You can see falling channel. I expect further price movement to 1.10500.
A question is how I can involve? Well, potential zone for buying is 1.07500 and 1.7100. (orange box)
That zone has been tested multiple times. Check it on D timeframe.
I need more confirmation. So, on this zone, you can see Fibonacci retracement 50%.
And if I use Fibonacci extension tool from A to B, then 1.272% ratio comes right at this zone.
Also, these is a potential harmonic pattern ABCD (equal measured move)
Another confirmation is Garley Pattern, you can see the impulse leg starts from 1.06600 and starting point the X.
Thank you and good luck in the markets!
Trade closed: target reached
The price has shown a deep Gartley pattern. Unfortunately, the price made further movement down as I predicted. This is market. Nobody knows where the market will move. Nonetheless, we still had an opportunity to get long. I got Gartley Pattern and first target is reached.Trade closed: target reached
Secondary target also closed. A few hundred pips in profit.Good luck in the market
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