AUDNZD shows a nice 5 wave pattern forming on the daily chart. It has just come off a 5 wave down and seems to be going up.
Showing nice symmetry after coming off the 161% retracement of wave 2 and 100% projection of wave 1 on wave 3.
Right now it's coming off oversold on stochastics which should bottom out as shown on the chart (though 1.097 is a possibility where several fib levels converge). Then it's time to take a long position on wave 5.
The weekly on AUDNZD is on the bull side of several MA lines (20, 50, 100) confirming the upward trend. Overlay the risk averse sentiment on FX markets, it can only be good for AUD v NZD (about time we beat the kiwis somewhere... we won't win the Bledisloe).
Showing nice symmetry after coming off the 161% retracement of wave 2 and 100% projection of wave 1 on wave 3.
Right now it's coming off oversold on stochastics which should bottom out as shown on the chart (though 1.097 is a possibility where several fib levels converge). Then it's time to take a long position on wave 5.
The weekly on AUDNZD is on the bull side of several MA lines (20, 50, 100) confirming the upward trend. Overlay the risk averse sentiment on FX markets, it can only be good for AUD v NZD (about time we beat the kiwis somewhere... we won't win the Bledisloe).