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Upside acceleration expected
AUD/NZD saw a long-term low in April 2015 at 1.0020 and has since building a solid base from where to rally strongly higher.
From an Elliott Wave point of view wave 1 of the 1.0020 low completed at 1.1429 and was followed by a deep and time comsuming wave 2 zig-zag correction that bottomed in September 2016 and since then wave 3 higher towards 1.2958 has been building. The start of this wave 3 has been building a series of waves 1 and 2 and it finally seems that a series of wave 3's is ready to unfold.
This means upside acceleration first to important resistance near 1.1420, but once this resistance is taken out, the way higher towards 1.2958 seems to be free of major hurdles.
Short-term minor resistance is seen at 1.1020, but once this minor bump is overcome the next target to look for is important resistance near 1.1420.
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