Long AUDNZD: Possible Triangle Completion, Cypher to Enter Long
Updated
AUDNZD has completed the "e" leg of an expanding triangle in a complex triple three correction. Triangles commonly mark the end of a three wave reactionary wave and thus an upcoming bullish move may be impending. A possible cypher will make for an optimal entry long. In the case of the triangle continuing to 2 or 4 additional three wave moves off of the barriers, target one will be taken near the top of the triangle. If price indicates impulsive action through the top of the triangle, the pair is likely to complete the (c) wave on one higher degree. T2 is placed at the peak of (a). SL is placed below Cypher X point, with entry at .786XA. If cypher entry is not triggered, entry will be taken on the break of the trendline.
Trade active
Trade closed: target reached
+148 pips: T1 Achieved at top of triangle. Entry triggered at the trendline break.
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