AUDNZD long position
AUD/NZD will be in for a good long position soon.
It just completed a ABCD pattern so a retracement is necessary as we are currently seeing.
I've set out its fib levels and we can see its currently trying to find support at level 0.382. It is looking weak though so I believe either it will go to fib 0.5 or the rising support line (in orange) underneath.
To be safe I will enter my long once I see the EMA/SMA crossover. For this pair and timeframe, it has proven itself very reliable.
It just completed a ABCD pattern so a retracement is necessary as we are currently seeing.
I've set out its fib levels and we can see its currently trying to find support at level 0.382. It is looking weak though so I believe either it will go to fib 0.5 or the rising support line (in orange) underneath.
To be safe I will enter my long once I see the EMA/SMA crossover. For this pair and timeframe, it has proven itself very reliable.
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