AUDNZD Big Short Swing
Updated
Earlier this week, AUDNZD provided a quick short opportunity after a minor pullback. After hitting a price target perfectly, it has pulled back to the 0.618 Fibonacci level. This was also confluent with the 89 EMA, which has proven to be a prominent resistance/support with this pair in the past. The third confluent factor is the fractal resistance occurring at the same level as the 0.618 Fibonacci level and the 89 EMA.
The last downward wave has also provided a confirmed trendline that can be used as a price target - which happens to coincide with a major previous support. The first price target is based on an immediate support level for some safe profits.
SL: 1.0777
TP1: 1.066
TP2: 1.058
The last downward wave has also provided a confirmed trendline that can be used as a price target - which happens to coincide with a major previous support. The first price target is based on an immediate support level for some safe profits.
SL: 1.0777
TP1: 1.066
TP2: 1.058
Trade closed: stop reached
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