LONG TERM OVERVIEW OF AUDNZD

After enjoying a 188pips profit run in our last trade on this pair (see link below for reference purposes), let us look at what our expectations are going to be like on this pair in the coming weeks/months;

Tendency: Uptrend ( Bullish )
Structure: Harmonic | BAT | AB=CD forming
Observation: i. Impulse leg XA.
ii. Point B retraces 0.5 of XA leg.
iii. BC leg retraces 0.886 of AB.
iv. CD leg is a 1.618 extension of AB as D is at a 0.886 retracement of XA.
v. D (SUPPLY zone) is our area to look for a SHORT position.
vi. However, it is also important to note the possibility of AB=CD pattern forming along CDleg of the BAT.
vii. Taking advantage of the completion of the AB=CD pattern is possible for a LONG position when price reverses at support 1.05000 zone with adequate entry confirmation.
viii. Expected C-to-D leg is a 127.2% Fib. ext. of the A-to-B move which is also equal to the A-to-B leg in distance and culminating at the SUPPLy zone on the chart.
Trading plan: i. BUY at C zone using adequate confirmation entry with TP1 and TP2 (580pips) and SL @ 1.04000/1.02500zone.
ii. SELL at D (SUPPLY zone)

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Note that this is a guide for making trade decision on the lower time frame.
Watch this space (https://t.me/nirvanaconsorts) for speculation on lower time frames as price action is been monitored.


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