AUDNZD; Last Downward Correction Before Rally

FX:AUDNZD   Australian Dollar/New Zealand Dollar
This pair has broken its descending channel in the 1-hour time frame on 10-9 and is now experiencing a mild selling pressure which we think is a minor correction. The true test of the bullish power is when the prices reaches the stiff resistance area shown on the chart. In that zone, a bearish Inverted AB=CD and a bearish Shark completes which will exert decent selling pressure on this pair.

If bulls manage to break that area after a healthy pullback, the stage will be set for a decent +300 pips rally.

Good luck,

Cyclical Waves Group
Comment: As anticipated, price reached the resistance zone we mentioned in our analysis and reversed. This 5-wave rise seems to be the 1 or A wave which will be followed by a correctional 2 or B. Thus we expect that after a down ward correction, the rally into 3 or C wave will commence.

Good luck,

Cyclical Waves Group
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