Method: Elliott Waves
Description: Again for technical traders. After reviewing and working on AUDNZD, I realized a contracting triangle closing five minor corrective waves that meet 0.618 Fibonacci level ti its previous minor. The total formation is expected to meet 0.382 Fibo level which indicate a wave (IV) formation is in progress. I will be watching the final wave (e) correction as seen on chart which expected to reach level 1.14094 on the falling trend line. 1.14094 is a critical level in that pattern where pattern ends and new waves start. I will keep my eyes on that level and push the sell button for wave (V).
Recommendation: Watch 1.14094 price level and keep ready to sell.
Trade Duration: 7 days
Stop Loss: 1.1500
Target:Open with expectation to dive to 1.1100