AUDNZD BULLISH Continuation...No signs of BEARISH breakout now!!
Lets start of by looking at the previous elliot wave formation. We can see that a complete wave 1-5 followed by retracement wave a-c is completed. Currently, what we are able to see is BULLISH momentum starting to take place with recent higher high formation occurring, obeying the trendline drawn. I will be seeing this as a the start of wave 1 which I expects will ends around 1.0800 where 78.6 fib level as well as a resistance level is present there. We could see rejection forming wave 2 and eventually wave 3 to 138.2 fib level. Wave 4 could be a retest to 100 fib level where there is also a strong support level there which I foresee will give AUDNZD another bullish push forming wave 5 till 161.8 fib level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.