I've posted this idea in the Technical Analysis Contest as well, but I thought to share it here as well as I think there is a big potential with this trade.

AUD/NZD is approaching a multi decade support level at 1.0400 which I think will provide some good trading opportunities. In Figure 1 you can see the weekly chart and the strong sell of from the past few months. Since April 2013 after we broke the psychological level of 1.2100 big round number the downward momentum accelerate and we barely see any kind of retracement.


  • Figure 1. AUDNZD Weekly Chart.
On the Daily chart we can see much more closer the recent price action (see Figure 2). based on Elliott Wave analysis it can be seen that we have completed a five wave decline which should mean that in coming weeks we should see a retracement, and ABC formation to the upside.

  • Figure 2. AUD/JPY Daily Chart.
Based on this analysis we should expect some kind of reaction from current level, to the upside we have the following resistance levels that may stop the price from raising. 1.0650 is the first resistance zone, and we need a break and close above it to support any upside movement. Also right now we can see the we're forming a double bottom formation.

Best Regards,
Daytrader21.
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