Updated Position: 28th June 2021
Falling wedge breakout on a key support zone. The previous analysis is still valid and we are now entering at a lower area.
We have closed the previous BUY STOP and are entering a BUY Market Execution.
Trade Setup: BUY market execution, current price 1.0746, stop loss 1.0656 and take profit 1.0946.
Stop loss: 90 pips
Take profit: 200 pips
24th June 2021
Good morning team,
The AUD has had a nice move over the past couple of days and we are now turning our attention to the AUDNZD due to a number of technicals.
AUDNZD – Elliott Wave Analysis
The AUDNZD appears to be in a corrective structure as the price action is very messy and overlapping in nature. Whereas the structure before appears to be impulsive and has a nice 5 wave appearance. This suggests the pair should be turning higher once the correction is complete. The 61% FIB retracement is providing support at 1.0730, ideally the AUDNZD would bounce from this zone.
AUDNZD 4 Hour Charts
There is a possible inverted head and shoulders formation in play (bullish structure).
Trade Setup: BUY STOP 1.0790, stop loss 1.0710 and take profit target 1.0950.
Stop loss: 80 pips
Take profit: 160 pips