Developing Story…
Further to yesterday’s analysis:
AUD/NZD Price Analysis: 4HR confirmations trigger prospects for buy-limit,
It would appear that the bullish scenario is not going to play out before there is a deeper correction on the weekly time frame.
However, the following is a higher risk set-up considering that there is already a fair bit of support on a 4-hour time frame around the lows of prior daily impulse.
The following is an illustration of the workflow that arrives at the meanwhile bearish conclusion:
Monthly downside wick
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A bearish impulse on the daily and weekly time frames will fill in this monthly wick following bullish corrections on both.
Weekly target
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Daily bearish extension expected from resistance
-637352972263325001.png)
4HR trade setup schedule
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4-hour conditions will now be monitored for an entry point.
Bears now await a bearish environment on the technical indicators for entry for a minimum 1:3 setup.
Further deterioration of price and subsequent resistance structure could offer a tighter stop loss for a higher risk to reward.
More to come…
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