.AUDNZD is nicely turning down now from projected 61,8% Fibo. retracement and 1.11-1.12 resistance area. A decline looks quite strong, so it can be at the beginning of a bearish wave (C) with a leading diagonal pattern into wave 1 that can be now followed by a pullback in wave 2. It can actually revisit the 1.10x resistance area as a right shoulder of Head&Shoulders pattern before a bearish continuation within wave 3 of a five-wave bearish cycle, especially if later breaks below 1.0735 bearish confirmation level.(Click on image to enlarge)
AUDNZD Daily ChartFor more analysis like this, you may want to watch below our latest recording of a live webinar streamed on September 16 2024:More By This Author:
AUDNZD Is Turning From Resistance
