Friday, September 2, 2016

Elliott wave analysis of AUD/NZD - Long term bottom expected just above 1.0310

AUD/NZD - Long term bottom expected just above 1.0310 

My preferred long term count remains that a a new impulsive rally began in late March 2015 with the test of 1.0001. 

Wave [1] rallied from 1.0001 to a high of 1.1147 and was followed by  a zig-zag correction to 1.0310 in wave [2]. Wave [2] completed in early July 2016 and wave [3] higher is in its very infancy. 

Wave i of [3] rallied from 1.0310 to a high of 1.0772 and the ongoing wave ii of [3] is expected to complete near 1.0332 for the next impulsive rally in wave iii towards at least 1.1046 and likely even higher. A break above minor resistance at 1.0400 and more importantly above resistance at 1.0470 will confirm that wave ii has completed and wave iii higher is developing. 

This count remains the preferred count as long as important support at 1.0310 stays intact. Should important support at 1.0310 be broken that would immediately call for a re-count of wave [2] from 1.1147, but it will not invalidate the long term count calling for a long term rally beyond 1.1147.   

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