Elliott wave analysis of AUD/NZD - Short term count

AUD/NZD

It is possible that we saw a smaller than expected wave ii correction. It only corrected 38.2% of wave i. A more normal correction would have corrected lower towards 1.0639 which marks the 61.8% corrective target of wave i. We could still see a deeper correction towards 1.0639, if the rally we saw to 1.0863 was an X wave, but only a break below support at 1.0720 will confirm that.
No matter if wave iii in its early stages or we need a deeper correction towards 1.0639 before the next powerful rally higher, it is just a question of time before we does move higher.

Elliott wave analysis of AUD/NZD - Short term count

AUD/NZD

We have seen a small five wave rally from the low at 1.0519 to 1.0834, well above the reflex point at 1.0759 to confirm that a firm bottom is in place an more upside pressure is to be expected once we have seen a correction in wave ii of 3. The target area for this correction is in the 1.0639 - 1.0677 with 1.0639 as the ideal target. Not alone is 1.0639 the 61.8% corrective target for the rally from 1.0519 to 1.0834, but it also marks the bottom of red wave iv of one lessor degree.