AUD/NZD stopping temporarily in a bull market – Elliott wave analysis

Gregor Horvat Wavetraders

AUDNZD looks to have found a low at the 0.999 level in March, as price started sharply recovering. We are tracking a minimum three-wave reversal, where price completed its first leg A/1 at 1.087 high, so pair can now be unfolding a pullback of a higher degree into a wave B/2. Possible support for B/2 can be at the 1.053/1.030 region, where former swing high, former swing low, and various Fib. ratios (0.50, 0.618) can slow the bears down, and provide a reversal zone. That said, a new rally in five legs of a lesser degree, and beyond the upper trendline, and 1.087 high will be evidence of a continuation higher.

AUD/NZD, daily

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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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