AUDNZD Is Finishing A Corrective Rally

21 ביוני 2023

AUDNZD pair made an impulsive sell-off at the end of 2022 on a daily chart, which we see it as a wave (A). Since then, we can see it trading in a larger A-B-C corrective rally within wave (B) that can be now approaching important February highs resistance, from where we should be aware of another sell-off for a higher degree wave (C).

Basic Elliott wave pattern with an impulsive five-wave 1-2-3-4-5 decline, followed by a three-wave A-B-C correction indicates for more weakness.