Sunday, May 25, 2014

AudNzd breakdown on short time frame

I have been watching this pair for some time now and never took any action bacause I was not sure of the pattern it was about to form.

After riding high on this pair from my analysis on 5th May (read here), I predicted a downward move (read here) and labelled 1.0641 as my projected magnetic zone to search for buying signal. 

Price has been moving downward since then in complex wave patterns but my level has not been reached.

I believe this level could still be reached and I am watching closely. Meanwhile I saw a good market structure to profit on H1.

The recent bearish retracement is getting to be a deep one and I have marked 1.6090 and its neighborhood for a strong magnetic zone to search for buy signal
Recently on H1, we have seen the successful formation wave 1,2and 3. Wave 4 about to complete after forming what looks like complex reversal pattern; and with a bearish gartley.
I intend selling this pair to ride to 1.6090 if the the rising channel breaks downward.

1 comment:

  1. The gap formed is not encouraging to sell...Am waiting patiently to see how things turn out


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