AUDNZD-still not ready for the HUGE long term rally
Hello, after heavy fundamental news this week for the AUD it seems the dust already settled.
Im expecting more correction for this pair, according to EW guidelines we should expect a complex correction after a series of simple zigzags corrections (like the EURUSD on D1 chart for example).
Looking at D1 chart we see theh price bouncing from a strong level of S/R and the channel:
Here on H4 chart we see a bearish bat pattern already triggered. A series of LL and LH suggest that we are still on downtrend.
Managing the trade will be tricky , so i will closely follow the price action for more clues.
Best regards.
Im expecting more correction for this pair, according to EW guidelines we should expect a complex correction after a series of simple zigzags corrections (like the EURUSD on D1 chart for example).
Looking at D1 chart we see theh price bouncing from a strong level of S/R and the channel:
Here on H4 chart we see a bearish bat pattern already triggered. A series of LL and LH suggest that we are still on downtrend.
Managing the trade will be tricky , so i will closely follow the price action for more clues.
Best regards.