Zigzag Correction Complete? AUDNZD
Updated
Zigzag Correction Complete?
After a solid wave down in AUD/NZD, it looks like we might be seeing the end of a Zigzag correction. The price has been playing around the corrective channel, and right now, we're seeing some interesting signs that could hint at a reversal.
The first thing to notice is that the C to A leg has extended to the 123.6% Fibonacci level, which is often where these corrections like to wrap up. On top of that, the entire Zigzag correction aligns nicely with the 61.8% retracement level, a spot where prices often like to turn around.
What makes this setup even more compelling is the last bullish engulfing pattern . This pattern suggests that buyers might be stepping in, potentially ready to push prices higher.
A long position could be on the cards if the price breaks above that red line, which marks the last engulfing pattern. This could signal the start of a new bullish move. Just remember to keep your risk in check—consider placing a stop loss below the recent low to protect against any unexpected dips.
This could be a great opportunity to catch the next wave up, especially with the Fibonacci levels and price patterns giving us some confidence.
After a solid wave down in AUD/NZD, it looks like we might be seeing the end of a Zigzag correction. The price has been playing around the corrective channel, and right now, we're seeing some interesting signs that could hint at a reversal.
The first thing to notice is that the C to A leg has extended to the 123.6% Fibonacci level, which is often where these corrections like to wrap up. On top of that, the entire Zigzag correction aligns nicely with the 61.8% retracement level, a spot where prices often like to turn around.
What makes this setup even more compelling is the last bullish engulfing pattern . This pattern suggests that buyers might be stepping in, potentially ready to push prices higher.
A long position could be on the cards if the price breaks above that red line, which marks the last engulfing pattern. This could signal the start of a new bullish move. Just remember to keep your risk in check—consider placing a stop loss below the recent low to protect against any unexpected dips.
This could be a great opportunity to catch the next wave up, especially with the Fibonacci levels and price patterns giving us some confidence.
Trade closed: stop reached
Downward Trend still continues
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
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FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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