Monday, January 27, 2014

AUD/NZD - Look for the last decline closer to 102.93 before higher.


AUD/USD

When we broke clearly below support at 1.0841 the next target for the ongoing decline became the 2 times extension of wave A at 1.0293. Short term resistance at 1.0672 needs to protect the upside for a break below support at 1.0533, which will confirm that the final decline closer to 1.0293 is developing. Once at the ideal target at 1.0293 or upon a break above 1.0672 we should see a rally higher towards at least 1.1659.

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