Let’s discuss the price chart of the AUDNZD currency pair based on the Daily timeframe.
From the Elliott Wave perspective, AUDNZD appears to have completed Wave 3 (circle), and is now moving countertrend in Wave 4 (circle). The subdivisions within this bullish price move are quite clear. The most probable termination point for third waves is a 38% retracement, measured from the start of Wave 2 to the end of Wave 3.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, topped on April 4 (1st vertical line), and is projected to form a bottom on June 27 (2nd vertical line).
Based on this, we can expect prices to move lower to at least the 38% retracement level near the 1.0740 level. Price should find support at or near this level before we see one final push higher to complete Wave 5 (circle).
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From the Elliott Wave perspective, AUDNZD appears to have completed Wave 3 (circle), and is now moving countertrend in Wave 4 (circle). The subdivisions within this bullish price move are quite clear. The most probable termination point for third waves is a 38% retracement, measured from the start of Wave 2 to the end of Wave 3.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, topped on April 4 (1st vertical line), and is projected to form a bottom on June 27 (2nd vertical line).
Based on this, we can expect prices to move lower to at least the 38% retracement level near the 1.0740 level. Price should find support at or near this level before we see one final push higher to complete Wave 5 (circle).
If you find this analysis useful, make sure to press the “Like” button and Follow us.