AUDNZD turned sharply down in the last quarter of 2022, signaling the ending point of a higher-degree bullish structure. We talked about this in back in 2022 and warned about a bearish turning point which will most likely resume as pair shows an impulsive drop for wave (A) on a daily chart. However, nothing moves in a straight line, so the current sideways price action through most of 2023 and 2024 is most likely still wave (B) correction that can send prices lower within wave (C) later this year; ideally after A-B-C rise up to 1.11-1.12 resistance area. If we are correct, then black subwave B can be a triangle, which can now send the price towards 61,8% - 78,6% Fibo. retracement for wave C of wave (B), from, where we will have to be aware of a sell-off for a higher degree wave (C).
Alternatively, the whole sideways structure can be also a bearish triangle within wave (B), so the main idea is bearish for a higher degree wave (C), but it may take some time.
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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