AUDNZD Long SetupWe have completed our 5 wave cycle for his pair and looking to reach between 1.08000 area for a correctional ABC wave. We have very good support here which lasted all throughout 2016 and started in 2015 . If the support cannot back our correctional wave period then it is likely that there is deep bearish momentum in this pair and a brake below the support will drive it down to a plunge. Im looking forward to seeing what happens as I have already placed my trade for the long side.
If you are a bit more cautious then you may want to consider that you buy the pair at the close above the trend line.
Opinions are welcome.
Happy Trading
Audnzdpullback
Audnzd Moving In Downward ChannelAny Candle Closes Above Green Line Then I am Long With Take PRofits @ Flag
Reasons To Go Long After Candle Close: : Trend Change,Downward Channel Breakout,Symetrical Triangle reversal,Indicators Will Turn Bullish,High Reward To Risk Ratio Trade,Volume Will Be High,Moving Averages Compression,
Triangle Compression Area Zone Breach.
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AUDNZD DAILY SHORTIM ALREADY SHORT IN THIS PAIR BUT IF PRICE RETRACES AND TAKES ME OUT OF THE TRADE THEN THE NEXT LEVEL I'D LOOK TO SELL IS AT MY CLUSTER ZONE/SELL ZONE. IVE GOT LOADS OF CONFLUENCES AT THIS LEVEL WHICH ARE THE 0.5 AND 61.8 FIB, SUPPORT TURNED RESISTANCE STRUCTURE LEVEL, MAJOR TRENDLINE, DYNAMIC RESISTANCE (50 MA) AND A NICE PSYCHOLOGICAL ROUND NUMBER (1.03000). Another confluence is this trade setup is in line with the fundamentals because the RBA (reserve bank of Australia) said there is a possibly there could be another rate cut in the period ahead.