Australia vs New Zealand, who will make it?
Thanks for reading my ideas. There was a small mistake on the last ideas, which is why I reorganized this bit of information. Overall we're still long-oriented and want to buy AUD:
equal: EURAUD
strength: AUDCHF, AUDJPY, AUDNZD, AUDUSD
weakness: AUDCAD, GBPAUD
Let's dive in without further ado:
The overall picture shows us a finished sequence which originated at the ATH. With impulsivity the sequence finished and reached the target zone, where it has been struggling for 6 years to enter a healthy correction. Also depicted is a liquidity zone (gray). Since this unhealthy market didn't correct for a long time, we can assume that there is a possibility for it to break, and create a new ATL, in order to reach higher levels. Probabliy not in the immediate future, but this possibility still exists. For now we want to focus on bullish structure, so we can finally reach the correction levels.
Let's look for some bullish structure in the 2h:
There is not much yet except for a sequence with an impulsive character. After reaching the target, we expected it to correct, but it didn't. Not even barely. Thus we can assume there are still lots of buyers in this market. Now we have a closer look, maybe we find more bullish structure, tradeable structure:
Good for us there is no almost no bearish structure. The bullish sequence reached the target zone and has now the possibility to correct, which is where we would buy it.
equal: EURAUD
strength: AUDCHF, AUDJPY, AUDNZD, AUDUSD
weakness: AUDCAD, GBPAUD
Let's dive in without further ado:
The overall picture shows us a finished sequence which originated at the ATH. With impulsivity the sequence finished and reached the target zone, where it has been struggling for 6 years to enter a healthy correction. Also depicted is a liquidity zone (gray). Since this unhealthy market didn't correct for a long time, we can assume that there is a possibility for it to break, and create a new ATL, in order to reach higher levels. Probabliy not in the immediate future, but this possibility still exists. For now we want to focus on bullish structure, so we can finally reach the correction levels.
Let's look for some bullish structure in the 2h:
There is not much yet except for a sequence with an impulsive character. After reaching the target, we expected it to correct, but it didn't. Not even barely. Thus we can assume there are still lots of buyers in this market. Now we have a closer look, maybe we find more bullish structure, tradeable structure:
Good for us there is no almost no bearish structure. The bullish sequence reached the target zone and has now the possibility to correct, which is where we would buy it.
