Hi traders,
The AUDNZD made a bullish rejection candle at a double bottom level on a weekly support zone.
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This pair is currently building a major Elliot Wave triangle corrective pattern after a major five-wave bearish impulsive move.
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According to Elliot Wave principle, a triangle consists of 5 corrective waves (ABCDE). AUDNZD has already completed the wave ABCD, and the price is about to start building wave E which has the potential to move up towards the Triangle resistance as projected on the chart.
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We will wait for the price to break above the blue descending trendline that lined up with resistance level and then look for a bullish corrective pattern to take advantage of the impulsive move.
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What's your thought on AUDNZD? Let me know in the comment.
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Thanks for reading!
Veejahbee.
The AUDNZD made a bullish rejection candle at a double bottom level on a weekly support zone.
.
This pair is currently building a major Elliot Wave triangle corrective pattern after a major five-wave bearish impulsive move.
.
According to Elliot Wave principle, a triangle consists of 5 corrective waves (ABCDE). AUDNZD has already completed the wave ABCD, and the price is about to start building wave E which has the potential to move up towards the Triangle resistance as projected on the chart.
.
We will wait for the price to break above the blue descending trendline that lined up with resistance level and then look for a bullish corrective pattern to take advantage of the impulsive move.
.
What's your thought on AUDNZD? Let me know in the comment.
.
Thanks for reading!
Veejahbee.