AUDNZD - Sell off or just correction ?
We got a clear impulsive wave that ended at 1.0850.
Now should have started a down move that depending if previous impulse is wave A of Y or just a wave C will see different targets.
If it's a wave C then we should see an immpulsive wave making a new low.
If it's wave A then we'll see at least a 3 waves correction that should stop ideally at the 61.8% retracement level but not more than the 78.6% level.
If goes below that, we could see a new low but the wave count needs then to be reassessed.
Now should have started a down move that depending if previous impulse is wave A of Y or just a wave C will see different targets.
If it's a wave C then we should see an immpulsive wave making a new low.
If it's wave A then we'll see at least a 3 waves correction that should stop ideally at the 61.8% retracement level but not more than the 78.6% level.
If goes below that, we could see a new low but the wave count needs then to be reassessed.
Comment:
Price continues to go lower nicely. But beware as we could see support around 1.0640.
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