AUDNZD Short Elliott Wave Technical Analysis

Timeframe:

D1

Analysis Method:

Elliott Wave

Analysis:

See below

Trade Plan:

I sold the pair based on the wave pattern. Entry was at 1.0731 which lined up with the confluence of daily resistance, the extension of the lower triangle trendline and the 61.8% fib retracement of wave (a). The target is 1.0570 which is the confluence of two fib extensions: Y vs W and (c) vs (a).

Risk Management:

Stop is at 1.0777 which is just above the 78.6% retracement of wave (a).