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AUDNZD: More Weakness After Rally (Elliott Wave Forecast)

Wavetraders - Mon Nov 28, 2022
Buy, Sell - iStock-1410957164

AUDNZD has been trading nicely higher since start of the year and formed a clear bullish impulse. Notice that price also reached the upper trendline of an EW channel which is usually the ending point of a higher degree structure. We talked about this in our past updates and warned about a bearish turning point which is now in full progress and will most likely resume much lower as pair came sharply out of an upward channel. However, nothing moves in a straight line, so ideally wave A is now approaching some support since we can count five waves down, thus we can see a rally in (B) in weeks ahead. 

On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.