Talking Points:
AUDNZD Technical Strategy: Re-initiating Long position
Elliottwave Count: Reversal is in process after wave 2 completion
Analysis
AUDNZD is expecting to complete it's wave 2 correction @ 1.0350 after having an high over 1.0726. We were seen corrective move towards 1.0350 in expanded flat correction. We also had a nice bounce from channel support and horizontal support from 1.0350 levels. We are considering it's reversal trend and able to count five wave upwards move in lower time frame. Considering that analysis, we are targeting wave (iii) in coming months which can atleast target above 1.0726.
Action
We are re-initiating a long position again after had a handsome profit on long from Sept month at level 1.0337. We also defined entry, exit and stoploss criteria in trade signal section.
AUDNZD Technical Strategy: Re-initiating Long position
Elliottwave Count: Reversal is in process after wave 2 completion
Analysis
AUDNZD is expecting to complete it's wave 2 correction @ 1.0350 after having an high over 1.0726. We were seen corrective move towards 1.0350 in expanded flat correction. We also had a nice bounce from channel support and horizontal support from 1.0350 levels. We are considering it's reversal trend and able to count five wave upwards move in lower time frame. Considering that analysis, we are targeting wave (iii) in coming months which can atleast target above 1.0726.
Action
We are re-initiating a long position again after had a handsome profit on long from Sept month at level 1.0337. We also defined entry, exit and stoploss criteria in trade signal section.
-- By Hoagtrading.com (Twitter: @Hoagtrading)
