AUDNZD Elliott wave analysis
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AUDNZDDue to the weaker monetary policy in of reserve Bank of New Zealand the kiwi dollar had lose some strength against all the currency pairs
AUDNZD has managed to gain some strength towards 1.10430. At 1.10320 it has formed a double top formation which triggered selling of kiwi dollar
An it also formed a ABCDE Elliott wave pattern which has further sliding of AUDNZD
Currently this pair was trading in a falling channel.
After reaching 1.0900 which is a major psychological level it bounced back towards 1.09600.
Here is a 50% Fibonacci of previous high and low At this juncture clear bearish engulfing candle has formed and a bearish flag pattern.
Suitable selling positions may opened at current level and the target would be 1.08383 which is a next resistance level and the expected level of Elliott wave 03
Stop lose may place above 1.10120 level
If the price broke at 1.1000 level this Elliott wave pattern will got invalidated
Important levels to watch
August high - 1.10434
August low - 1.07180
July low - 1.05650
July high - 1.07520
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