AUDNZD becomes very interesting with its moves today. On the daily chart we can see that the divergence is probably starting to take place now. One time frame lower, and we find bullish convergence which comes right after bullish divergence. So technically buying dips is the correct decision here. This is the plan to follow:
Technical Overview:
D1 – bullish divergence, false break (only if the daily bar close as it is)
H4– bullish convergence
Entry:
H1 – find the entry on the H1 chart. Ideally I want to see double wave correction which completes near the small bank zone support around 1.0360-1.0340 and this is where our entry will be.
Target 1: 1.0455
Target 2: upper band of the bollinger band on daily chart
Stop Loss: if you want to be more conservative cover last low below 1.0280, if not you can
use the more recent support around 1.0310 and the stop loss below it.
Video Explanation:
Yours,
Vladimir
