AUDNZD delves into a deep retracement towards its 61.80% fib level as bulls continue to retreat downwards.

As a result, my May 23 long trade plan has exited in a loss after holding time of 12 days and 11 hours:

https://www.finlogix.com/analysis/20240523/audnzd-intraday-analysis-and-trading-plan-for-may-23-2024

An overall record of 1 win and 2 losses respectively.

As my second Finlogix analysis today, I am updating the AUDNZD cross pair.

There is no further Australian high impact economic report while none in New Zealand as we head to the end of this trading week.

Re-assessing AUDNZD’s high timeframe candles:

Yearly Candle: Last check is a Green Long-Legged Spinning Top now a Red Doji

Monthly Candle: Previous close is a Red Body with a Longer Head Wick current is also a Red Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Doji current is a Red Body with a Longer Tail Wick

Daily Candle: Previous close is a Red Shaven Bottom current is also a Shaven Bottom but a Green Body

April 18 External Lows are now the resistance area after Tuesday’s breakdown!

And by this move, AUDNZD’s weekly bullish FVG is 100% retraced as well.

Current price is still navigating in a 61.80% fib retracement level from February 22-26 swing low to May 2-7 swing high points.

If this level is unable to sustain the price, surely a further dropping commences to a deeper 78.60% fib retracement level which the AUDNZD bulls cannot allow this scenario to happen.

A good stop loss indeed for my previous long trade plan.

While the current price seems tempting as it's a first discounted array through the given swing low and high points, I’m not buying it.

Instead I’m speculating a breakdown of this level towards the 1.0710 down to 1.0680 range at least wherein I open a long position targeting the 1.08 level upon recovery and putting its stop loss at the very 78.60% fib.

Here are the order details to play this out:

Having a decent 2.50 risk:reward ratio, let’s see how this one goes and good luck.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

AUDNZD Intraday Analysis and Trading Plan For June 6, 2024

Jun 06 2024

Pending

Published 336d ago

1.08601

Current price

1.07000

Entry price

1