AUD/NZD Price Analysis: Aussie CPI sees Wycoff mark-up underway
|- AUD/NZD is on the way to complete the M-formation's target at the neckline.
- Wycoff methodology plays out in the mark-up phase.
The price of AUD/NZD is making fresh highs on a break of accumulation resistance as per the 1-hour time frame. The pair has completed a significant phase of the Wycoff methodology as illustrated in a series of analyses since Oct 18 that has tracked the consolidation:
- AUD/NZD Price Analysis: Traders, don't get caught out!
- AUD/NZD Price Analysis: Bulls waiting to pounce
- AUD/NZD Price Analysis: Accumulation is occurring, bulls taking over
- AUD/NZD Price Analysis: Bulls struggle to catch a breakout
AUD/NZD prior analysis, 1HR chart
In the above chart, it was illustrated that the price was working its way through the various stages of the Wycoff method. A breakout to the upside was expected and it too today's CPI data to finally see this occur:
The price has rallied and broken out of the resistance and as per Wycoff, we can now expect a mark-up and the prospects of a test of the daily M-formation's neckline as a target:
AUD/NZD, prior daily analysis
''The market is moving sideways and a trapped environment between hourly support and resistance but there are prospects of a bullish breakout to test the neckline of the following daily M-formation at 1.0524:
AUD/NZD live market, daily chart
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