AUDNZD has been in a bearish trend for the past few months. This decline took the form of (a)-(b)-(c) zigzag and it's enclosed within a parallel channel.
The price has been moving very slowly and choppy in wave (c) of B, which indicates a lack of momentum to the downside. As you can see from the chart, the MACD indicator has been diverging higher while the price is trading lower, this shows that the bulls have been building momentum that has not reflected in the price action.
In the days ahead, the bulls should reflect in the price action and take the price higher at least to the upper boundary of the channel.
I will look for the break of the green lines for entry and my stop will be below the low.
What's your view on AUDNZD? Let me know in the comment.
Thanks,
Veejahbee.
The price has been moving very slowly and choppy in wave (c) of B, which indicates a lack of momentum to the downside. As you can see from the chart, the MACD indicator has been diverging higher while the price is trading lower, this shows that the bulls have been building momentum that has not reflected in the price action.
In the days ahead, the bulls should reflect in the price action and take the price higher at least to the upper boundary of the channel.
I will look for the break of the green lines for entry and my stop will be below the low.
What's your view on AUDNZD? Let me know in the comment.
Thanks,
Veejahbee.