AudNzd Forecast and Analysis

I cashed out 150pips from the current bearish move of this pair ( It was a fast trade that I enjoyed; I didn't put the analysis here. It was a fast trade that I shared with few of my friends). This pair looks promising to trade because of the swings and high magnetic zone it's formed.

While I will admit that the overall trend, at least based on the present data, is bearish; I still believe that this market could swing up. I have two scenarios

Ist Possible Scenerio:

The recent ABC correction of the 5-wave bullish move is weakening and a bullish run could emerge from 1.0610 to 1.0650 which is a very strong support level from trendline analysis and fibonacci harmonic point of view.

If this level will hold, we could see market fly really high above 1.0900 provided the recent bearish move is a correction and that will be a whole lot of pips in the bag

2nd Possible Scenerio:

The recent bearish move could be a call for the bearish trend to continue and expected bullish move at 1.0610-1.0650 zone could just be a correction ( Wave 4) which could end at 1.0750 and its neighbourhood and surge the bearish run further and if the old wave 1 is broken down....BOOM, the bearish trend continues and AudNzd deepens

I will watch for price action at these levels especially the zone discussed

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