If this correction conitnues, I expect price to reach at least the black multi-pivot line. More on that on my blog (link below). forcefollower.blogspot.com/2014/06/the-audnzd-analysis-per-mid-june-2014.html ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
The AUD is much weaker vs. NZD than I'd thought it would be. I just wonder, if it's going to follow this simple blue channel:
ForceFollower
⋅
Price bounced off median line:
ForceFollower
⋅
AUDNZD has just made 100% of the April-May correction (brick color horizontal line). Strong support at 1.076 still ahead. The grey fork is a ghost fork - a copy of the blue one projected from the highs of the slope - it marks the expected extent of the ongoing corrective move. No bullish price action observed yet; grinding lower with no looking back.
ForceFollower
⋅
Still following the down fork. Watching, if support at the pink line is going to hold.