Pair is trading in decision point. Yesterday's AUS Employment change report given a fuel in Asia session and pair traded higher towards .7150 but till NY open pair consume all fuel and traded most of it's gain.
Pair is testing few important technical levels. It's trading in bearish channel and testing the upper channel. It's also testing daily bullish trendline. Daily close below it, will boost bearish view and can see below .6900 level. It's testing 240min 100 SMA.
We are tracking this pair for long time and still believe that correction is due to retrace previous down-trend. In small time frame, we are expecting current move is a flat correction while one more leg up required to mark correction complete.
We are waiting for that to complete before imitating any new short positions. However, there are high portability trade present for long.
It's on decision point. Either break or make. It also having nice long opportunity present with today's low for targeting 1.35.
We are still expecting another leg is due before having any reversal. More specific, we are expecting leg can be extended for 1.36. Daily close below trendline will give signal of reversal. This trade will have Good Risk:Reward having.
We are holding bullish long term count. We confirmed our last week pattern is not hold good and need to revisit whole counts. We now expecting another leg down towards 90 before turning bullish to complete pattern.
On weekly and 240 min chart, we had a confirmed channel breakout. We possibly look for short entry than a long entry to mine some profit out of this pair. But at this stage, we need to wait for some sort of retracement before entering into a trade.
- AUDNZD Technical Strategy: Bearish - Elliottwave Count: Current move is consolidation and be part of wave y
This pair can play either of below scenario:
Scenario 1: In scenario 1, pair need to push one more high towards 1.0875 before continue it's down trend and can be complete it's wave c of wave y. This level also a 61.8 fibbo retracement level from previous down trend.
Scenario 2: With this scenario, we are looking to mark correction complete, because most of the criteria is accomplished to mark correction complete. So we prefer to be on scenario 2, but still not avoiding scenario 1 to get better risk:reward ratio, we want to be on sideline before initiate any trade.
Title: AUDNZD Elliottwave Technical Analysis: Looking for re-enter short on higher price
AUDNZD Technical Strategy: Bearish Elliottwave Count: Current move is consolidation and be part of wave y
This pair is playing scenario 2 from our previous analysis. Considering this face, we will watching price action. Price can trade higher 1.088 to 1.09 before reversal hinted. We also should note that, 1.08860 is 61.8% fibbo zone and current upward price action is not a implusive in nature. Considering all indicators and wave count, we will be waiting to see reaction on 1.088 area.
AUDUSD Technical Strategy: Temporary Bearish Elliottwave Count: Primary count suggest wave Y in medium cycle while on alternate count suggest trend changed and we are in third wave We are tracking this count from a while and initiated short @ 7250 which was stopped out and closed manually @ 7300 levels. After had a bearish trendline breakout on weekly chart, we are looking to see higher levels. But in short term and near future, we are expecting pull back.
Region marked in a chart ranging from 7470-7490 is a potential zone from which retracement can happen. Breakout of 7500 and above level will have bullish count and suggest major recovery.
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