I believe the AUDNZD pair is forming a Market Maker Sell Model, and am expecting the Aussie dollar's retracement to continue towards the stops that will have been placed in key retail short entry areas. I am looking to go long on the pair on the weekly low next week with a stop just below the 1.091 support.
After this retracement, which will possibly move as far as the 15M order block just above the 1.12970 resistance line & the 79 fib retracement at 1.12773, I will be shorting the pair, as I'm expecting it to form a swing high and begin a prolonged move back down to clear the stops below the 'double bottom' that formed last week, and move back towards the 1.00188 support line over the coming months.
The risk-reward on this larger potential short move would be hugely favourable if the market structure is not broken to the upside.
If this current retracement does NOT respect the order block above the 79 fib and even manages to break above the 1.13779 line, the uptrend will have resumed, and this idea will be invalid.
I apologise for the messiness of the chart - the text boxes weren't working for me for some reason. The multitude of lines are all key daily and 4h support and resistance lines to be aware of.
After this retracement, which will possibly move as far as the 15M order block just above the 1.12970 resistance line & the 79 fib retracement at 1.12773, I will be shorting the pair, as I'm expecting it to form a swing high and begin a prolonged move back down to clear the stops below the 'double bottom' that formed last week, and move back towards the 1.00188 support line over the coming months.
The risk-reward on this larger potential short move would be hugely favourable if the market structure is not broken to the upside.
If this current retracement does NOT respect the order block above the 79 fib and even manages to break above the 1.13779 line, the uptrend will have resumed, and this idea will be invalid.
I apologise for the messiness of the chart - the text boxes weren't working for me for some reason. The multitude of lines are all key daily and 4h support and resistance lines to be aware of.