AUDNZD Is Forming Bearish Setup
Jan 6, 2023


AUDNZD is forming bearish setup, as we see it unfolding a higher degree (A)-(B)-(C) decline from Elliott wave perspective.

AUDNZD sharply declined in the last quarter of 2022, away from the upper trendline of a previously bullish EW channel which is usually the ending point of a higher-degree structure. We talked about this in our past updates and warned about a bearish turning point which is now in full progress and will most likely resume much lower as pair shows an impulsive drop. However, nothing moves in a straight line, so ideally red wave (A) is now completed after a nice break above the trendline resistance, which is seen as part of a corrective rally. It’s subwave A of (B) so more upside and sideways price action can be seen until a three-wave contra-trend movement is finished. Nice resistance would be between 50-61.8% Fib, near 1.10-1.11 area, where we also see the former wave four swing high.

AUDNZD Is Forming Bearish Setup Daily chart
AUDNZD Daily Chart

China stocks might have bottomed. Check our article HERE


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