AUDNZD Pair Is Approaching Resistance, While Finishing A Correction

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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 our 2022 updates and warned about a bearish turning point which is progress and will most likely resume much lower as pair shows an impulsive drop for wave (A). However, nothing moves in a straight line, so the recent sideways price action through most of 2023 is most likely still wave (B) correction that can send prices lower within wave (C) this year, but ideally after current final subwave C of a larger A-B-C zig-zag pattern in wave (B) that can ideally stop here around 1.10 - 1.11 resistance zone.

AUDNZD Daily Chart

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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.