we posted a forecast for the AUD/NZD a couple of weeks ago. The scenario is still hanging in the balance.
This analysis will provide a brief update on this currency pair.
Price has been hovering between 1.0650 and 1.0820 for many trading days now. The larger structure remains however bearish. Given that the trend I have analyzed is essentially on a scale of the weekly chart, it is not surprising that that internal waves would take many days to complete.
The chart below shows that the bearish outlook is still valid… with a potential Wave 1 of 3 having finished on Feb 22 with an ending diagonal, followed by a sharp zigzag as Wave 2, which in turn may have been followed by impulsive wave 1 and 2 of one lesser degree. For this to be correct, price must no longer hesitate and begin to show significant downward momentum. The analysis is invalidated as soon as 1.0826 gets crossed to the upside.
Target remains the same as before which could be between 1.03 – 1.00.
All the best along your trading journey