AUDNZD: 60-minute plan forming ~ Watching Price Action
Updated
Playbook:
If it continues to fall, look for divergence. If it goes up, look for it to penetrate 1.0615.
On a strength basis, the Australian dollar is weaker than the New Zealand dollar. also, Australia only pays 1.85%, while New Zealand pays 2.25%. So, I would rather put my money in New Zealand; however, for a short-term trade, if I see people pushing the price according to my analysis, this could be a short-term trade for 56 to 89 pips.
If it continues to fall, look for divergence. If it goes up, look for it to penetrate 1.0615.
On a strength basis, the Australian dollar is weaker than the New Zealand dollar. also, Australia only pays 1.85%, while New Zealand pays 2.25%. So, I would rather put my money in New Zealand; however, for a short-term trade, if I see people pushing the price according to my analysis, this could be a short-term trade for 56 to 89 pips.
Note
Also, future profit taking in major pairs, such as NZDUSD, could be a sign that this trade will setup. I'll wait and see.Note
This area has been breached, and price seems like the market has accepted it. Now, I expect this breach to be supported and await a pullback, which we are getting now. I am looking for weakness in the bears at the 1.0614 level or 1.0595 level.Note
It looks like we may be going for a triple wave: Note
Trade closed: target reached
I took profit. I am tired and don't feel like monitoring the news tonight. I am going to read something and relax.
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