AUDNZD: More Weakness After Rally
Nov 29, 2022


AUDNZD pair may face more weakness within wave C after rally in wave B, as we see a five-wave decline from Elliott wave perspective.

AUDNZD has been trading nicely higher since start of the year and formed a clear bullish impulse. Notice that price also reached the upper trendline of an 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 came sharply out of an upward channel. However, nothing moves in a straight line, so ideally wave A is now approaching some support since we can count five waves down, thus we can see a rally in (B) in weeks ahead.

AUDNZD: More Weakness After Rally Daily Chart
AUDNZD Daily Chart

EOS is finishing a 4-year correction. Check our chart HERE


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