AUD/NZD finally turning bearish? [Video]

Gregor Horvat Wavetraders

AUDNZD pair turned sharply and impulsively down at the end of 2022, probably for wave A. Since the beginning of 2023, it’s been trading in a correction within a downtrend, ideally in a bigger ABC recovery within wave B, where we were observing subwave C as an ending diagonal/wedge pattern. We were actually tracking final subwave (5) of the wedge pattern within wave C of B that put the top in place, from where we saw a nice and sharp turn south which looks like an impulse into wave 1. So, after recent pullback in wave 2, the price action can resume within wave 3 of a five-wave bearish cycle, especially if we consider a broken lower wedge line.

AUDNZD Daily Chart

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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