Zigzag Correction Complete? AUDNZD
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
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.