Nickonomics
Long

AUD/NZD: Upward Momentum Pattern

FX:AUDNZD   Australian Dollar/New Zealand Dollar
The Australian dollar             rallied during today's Asian session after the Reserve Bank of Australia statement supported the currency. The most notable change in the wording of the RBA statement is the change from the view seen in May-July that further AUD "depreciation seems both likely and necessary". Instead it was removed and replaced with a statement that AUD "is adjusting to the significant declines in key commodity prices." The new wording shows RBA is more satisfied with the AUD's current value. It has helped AUDUSD             accelerate to near two-week highs against the US dollar             .

We suggest paying attention to AUDNZD             in which the Aussie looks much stronger long-term. Since April lows the pair has compeleted a rising 5-wave             sequence followed by a 3-wave             correction. It's not clear yet if the correction is over, for it may be more complex. Anyway, we expect AUDNZD             to move up, at least to the area of previous swing high around 1.1350. The current resistance stands at 1.1192-1.1200.
Hi Theta

the retracement night not be done as according to EW price usually goes to the wave 4 of one degree lower
+1 Reply
That's right. It's not a rule, though, but an important guideline. Notice that the motive wave has two extended subwaves -- wave and wave . It implies a strong trend, so the correction may be shallow (38,2% ret).
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