Audnzd reversing towards 1.061/1.048 support zone - Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

a five-wave completed move on AUDNZD can indicate a minimum three-wave pullback in upcoming days. We are talking about waves A-B and C, which can already be on the move from 1.0827 high. That said, for further evidence that wave A of a three-wave correction is in action will be a break below the lower channel support line, connected from March lows. That said, possible support for the upcoming setback can be at the 1.061/1.048 area, where former swing lows can slow the bears down. Once a three-wave correction fully develops, we think price can again turn to the upside, therefore we can join the trend.

AUD/NZD, 4h

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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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