Today we will talk about AUDNZD currency pair, where we see quite clear bullish EW pattern.
As you can see, AUDNZD made a five-wave impulse from the 1.0280 lows, which is first leg of a minimum three wave recovery. We know that after every five waves, a three-wave A-B-C corrective setback follows and we can see now a completed A-B-C corrective decline nicely connected within channel range.
Well, with current rebound by five waves and back above channel resistance line, seems like AUDNZD is ready for third leg up, which can send the price at least back to October highs and 1.06 – 1.07 area, just be aware of short-term intraday pullbacks.
Be humble and trade smart!