AUDNZD - Long Possibility (Elliott Wave)
Currency Pair: AUDNZD
Frequency: Daily
Predicted Direction: Long
AUDNZD has nearly completed the double three pattern and waiting for more signal to confirm the price going up.
A first corrective wave in 2015 has tested the higher level of 1.68 but it dropped immediately and the price has been trading below 1.133 in a whole year. The transition wave in 2016 has also failed to break this resistance level and the price has been trading within the symmetrical triangles until now. As you can see from the chart, AUDNZD may complete the triangle pattern as it broke the descending trend line (BLUE) from April 2016. Once the price is confirmed to break the red descending trendline and rise above the resistance zone 1.12954 - 1.33333 then it will able to test for the higher level of 1.144 (38.2% Fib) and the target of 1.18957 (50% Fib).
However, if the AUDNZD fail to do that then we can confirm the price is still trading within the triangle pattern and the downside target can look at 1.04938.
Frequency: Daily
Predicted Direction: Long
AUDNZD has nearly completed the double three pattern and waiting for more signal to confirm the price going up.
A first corrective wave in 2015 has tested the higher level of 1.68 but it dropped immediately and the price has been trading below 1.133 in a whole year. The transition wave in 2016 has also failed to break this resistance level and the price has been trading within the symmetrical triangles until now. As you can see from the chart, AUDNZD may complete the triangle pattern as it broke the descending trend line (BLUE) from April 2016. Once the price is confirmed to break the red descending trendline and rise above the resistance zone 1.12954 - 1.33333 then it will able to test for the higher level of 1.144 (38.2% Fib) and the target of 1.18957 (50% Fib).
However, if the AUDNZD fail to do that then we can confirm the price is still trading within the triangle pattern and the downside target can look at 1.04938.
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