AUDNZD LONG TERM SHORT BIAS
Long term i am bearish on AUDNZD from the daily timeframe we can see that we have been in a corrective wave since Aug. 12 2020. We are in a wave 2 of a 5 wave bullish impulse to the upward , as seen wave (1) was already formed we are now forming a corrective wave (2).The corrective being formed is WXY correction which is 3-3-3 pattern combination as you can see the first leg W was formed and X was formed too. We are now forming the last leg Y.
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Y leg (3 wave pattern )
The Y leg seems to have formed a (a)(b)(c) correction , price is now completing the (b) wave when it hits the 0.786 fib while hitting structure acting as resistance and the bullish channel coded in light yellow .From that i expect price to drop down while forming a 5 wave bearish impulse down to 1.01634.
Disclaimer
This is not financial advise ,trading is risky. Risk you can afford to loose.
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Y leg (3 wave pattern )
The Y leg seems to have formed a (a)(b)(c) correction , price is now completing the (b) wave when it hits the 0.786 fib while hitting structure acting as resistance and the bullish channel coded in light yellow .From that i expect price to drop down while forming a 5 wave bearish impulse down to 1.01634.
Disclaimer
This is not financial advise ,trading is risky. Risk you can afford to loose.
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