From the low at 1.0734, AUD/NZD rallies in 3 waves in a flat structure. Wave C targets 1.0825 - 1.088. This could be the whole correction of the drop from 1.1034 - 1.0734, or it can turn into double correction. In any case, we should expect a reaction lower from this zone, ideally to at least 50% retracement of 1.0734.
Medium term outlook looks bearish with 5 waves down from 1.1034, and another leg lower should commence once the correction from 1.0734 is complete. I like the idea to short at this first zone, and if the pair makes double correction, then looking to short at higher level.
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Medium term outlook looks bearish with 5 waves down from 1.1034, and another leg lower should commence once the correction from 1.0734 is complete. I like the idea to short at this first zone, and if the pair makes double correction, then looking to short at higher level.
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For enquiries about our service, free trial, or to be in distribution list, email: hendra@elliottwave-forecast.com.
Twitter: twitter.com/cmellon1976
