Good afternoon team,
The weekly review will be out via email later this evening, I was knocked out yesterday from the jab! Hopefully, we can get some wins on the board after the ridiculous amount of trades that closed out at breakeven last week.
The AUDNZD has been on my watch list for a reversal opportunity, which also aligned with the NZDCAD short trade setup from last week.
AUDNZD – Weekly Chart
The gap on the MACD is beginning to realign at the major support zone of 1.0300. There has only been a couple of occasions the AUDNZD has traded beneath this support level. Technically this is a great level to begin thinking about long opportunities.
AUDNZD – Elliott Wave Count
There has been a clear 5 wave rally from the March 2020 low through to the September 2020 high. There has also been a 3 wave decline, labelled ABC. Based on Elliott Wave theory the market should set up another 5 wave rally which will break the September 2020 highs.
AUDNZD Trade Setup:
Trade Setup: BUY market execution, current price 1.0400, stop loss 10270 and take profit target 1: 1.1040.
Stop loss: 130 pips
Take profit: 640 pips
Swing trade, this trade could be open for a couple of weeks. We will look to build into this trade once it moves into the green.