AUD/NZD: Uptrend Intact

The AUD/NZD has formed a bearish Wolfe Wave after the retail gap that pushed the price up. The pair is still in downtrend on 4h time frame, so it could piggyback momentum from higher time frames to H1 chart. That means a potential bearish trade setup when Point 5 has been formed. Type 1 setup might happen when the price enters the POC zone (ATR high,Wolfe Wave point 5) 1.0805-0812. The rejection could target the EPA (Estimated Price at Arrival) target 1.0743. If the pair breaks above 1.0812 then traders should wait for the price to again close below 1-3 line for the Type 2 setup.

Type 1 setup – Price enters the POC zone Type 2 setup – Price goes above the 1-3 line then break back below it

AUD/NZD Chart

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