Price Action from the start of the month has formed a bullish inclined equidistant channel for the AUD/NZD pair. With price at the bottom limit currently, there is more space for bullishness ahead.
Our POC zone is 1.0507-17 [ATR L2, Lower Limit, Resistance Turned Support, 1/8, D L3, W L3]. Price Action seems to be more on the bullish side, progressively rejecting the lower list of our equidistant channel as well as the 1/8 octave. Depending on time-price continuum, targets are 1.0544 [D H3, W H3, 3/8], 1.0563 [D H4, W H3, 4/8], subsequently to our final target of 1.0585 [D H5, Upper limit]
Next natural target when price breaks the upper limit is 1.0595 W H4 level before retracing back to the upper limit channel for support again.
Scale in can be made at 1.0491 ATR Projection Low level, in confluence to the previous resistance turned support. This forecast is valid as long as price does not break 1.0480 D H5 Level.
The analysis has been done with the
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Many green pips,
Davin Wu aka AmbitionFX