AUDNZD Looking Bullish Near-term

Intermediate

Hello traders,

AUDNZD made a sharp recovery in 2020, up from 0.999 level, which is a suggesting that the trend can be changing to bullish mode. We labelled rally from the lows as a wave 1/A, first leg of a bigger, minimum, three-wave recovery, which has found resistance and a temporary high at the 1.087 level, where the upper channel line, and former swing high proved to be good resistance for the pair.

Now price is declining, however only temporary as this can be part of a bigger correction as wave 2/B. Possible support/bullish reversal for the price can in days/weeks ahead be seen at the 1.052/1.030 region.

AUDNZD, daily chart
AUDNZD, daily

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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