AUDNZD

AUDNZD buy trade, let's see how this turns out.

AUD/NZD @1.0670

Fundamentals have finally taken hold here.

Australian economy is in dire straits where as NZ is travelling just dandy.

Don't believe those Aussie employment numbers. Its alot worse out there than what the ABS suggests with their sample .

I think we are going to have a RETEST OF PARITY here at some stage this year.

Naked short AUD is costly but having the NZD to cross against gives a positive yield.

First chart -- Unfortunately the bullish view on this, which worked from 1.03 - 1.10, now appears dead as the move was only 3 waves from 1.02x

Second chart -- However so long as the 2015 impulse remains intact, the bullish view remains

Key point -- June 2015 - May 2017 remains a correction of the March - June 2015 impulse.

Overall -- first target into the 1.03x region to see if a base can form for a possible second segment from 1.02x. Alternatively, a move beneath 1.02x, for a larger (Z), holding the 2015 low, keeps this bullish.

To follow up the last 2 charts above, on the 1h there is lots of bullish divergence (highlighted). Price is trying to find a low in this region

Over night the bullish play from the 1 hour bullish divergence kicked in, up by 60 already. Look for this bullish swing to run for a few days. The question is if price can find a low above 1.0326 and establish a major low for a new leg up towards 1.14.

Went long @ 1.0429 ish yesterday (posted in eur/cad thread) took profit about an hour ago, flat, margin free, on the sideline waiting for attractive prices.

Cheers

Buy limit

over-night bounce worked well in this, just have to determine if it's corrective or a major low now. Towards 1.06 still open this week.

[quote=SenexFX;9950754]over-night bounce worked well in this, just have to determine if it's corrective or a major low now. Towards 1.06 still open this week.

Yes I agree, Although I am bullish on this pair too, I cannot help to think this is corrective and we might probably see a spike to the mid 1.03s before heading towards 1.1
I would love to buy in the 1.03s

A break of the weekly trendline support at 1.03x will most likely open this to a new low under 1.02x.

Interesting.. will most likely be a quick fake out into the 1.02s if we break that said support of yours...

Yes I think so too. So long as the March 2015 low holds (which formed the impulse into June 2015), then odds of a move above 1.14 remain very high. All the price action from July 2015 - June 2017 is corrective.

Still, the move up right now is working, and it's still to be determined if major or corrective....

Set for advance in retracing the prolonged decline wave (3), towards at least 0.6182 x (3)

Buy Limit Activated Now Set TP

AUD/NZD -- move from the low is just 3 waves so far. However that could be just larger wave (A) of a bigger 3 wave correction, so I'm watching to see if we can get a (B) wave low for another move higher. Looks corrective so far.

AudNzd looks to be consolidating with a higher high and a higher low presently

Buy Limit @ 1.0350
Stop @ 1.0150
TP. @ 1.1000 (might close out lower depending on PA and a few other things, I do no like to limit my profit potential so I rather set the TP further away and close out manually instead)
I really hope this trade gets triggered during the next day or so. NZD and AUSSIE data might do the trick later, lets see.

Cheers

Found the (B) wave low in this pair. It started correctively, so suggests another down leg in the future.

Beginning of a new bullish trend on H4 chart. Placed pending buy order at fractal level (1.05519).