AUD/NZD - Time for upside acceleration and extension

AUD/NZD - Time for upside acceleration and extension

AUD/NZD - Time for upside acceleration and extension

AUD/NZD - Time for upside acceleration and extension 

AUD/NZD is about to enter into wave iii/ of iii of 3/ of 3, which normally is the most powerful of the impulsive waves. This is the wave which accelerates the most and the wave where the largest extension normally is seen, so you don't want to miss this wave when it starts to unfold. 

The first good indication that the next impulsive rally is developing, will be seen upon a break above minor resistance seen at 1.0811, while a break above resistance at 1.0936 will accelerate prices higher 1.1463 and 1.1761, but the long-term target is seen much higher at 1.2350.

This is the wave to behold, so be ready! 

 

AUD/NZD - Bottom in place at 1.0617

AUD/NZD - Sunday, I called for a low near 1.0600

AUD/NZD - A Monday a low was seen at 1.0617

AUD/NZD - Bottom in place at 1.0617 

In Sunday's update (you can see that update by clicking here) I called for a bottom near 1.0600 and yesterday we saw a test of 1.0617 followed by a rally above the ending diagonal resistance-line confirming that the low is in place and a rally back to the origin of the ending diagonal at 1.0921 should be seen within half the time it took the ending diagonal to build.

Please observe that a throw under the ending diagonal support-line was seen, before the low and reversal from 1.0617 was seen. This is normally a strong sign that an important low is in place.  

The low at 1.0617 terminated the wave ii correction from 1.1333 and ultimately, this high should be exceeded in wave iii for a continuation towards at least 1.2133 and likely even higher to the 161.8% extension target at 1.2871.

When a 1+ is highlighted in the right hand corner, more charts is available in this chart-pack 2 charts can been seen. To see the other chart, click on the chart, which blows it up and in the center part at the bottom a control panel will be highlighted. Use the arrow to see the additional chart. 

AND/NZD - Corrective Bottom should be seen near 1.0600

AND/NZD - Corrective Bottom should be seen near 1.0600

AND/NZD - Corrective Bottom should be seen near 1.0600

AND/NZD - Corrective Bottom should be seen near 1.0600 

The corrective decline in wave ii has extended, but should be close to completion. Ideally a corrective low will be seen near 1.0600 as a minor ending diagonal has been unfolding May 10 and this ending diagonal is coming to an end. 

The first good indication that a low is in place is seen upon a break above 1.0702 which will confirm a quick rally back to the origin of the ending diagonal in about half the time it to for the ending diagonal to build.

However, the longer term picture calls for much more upside progress should be seen in the weeks and months ahead.

The above scenario is my preferred count and stays valid as long as important support at 1.0573 protects the downside. Should an unexpected break below this support be seen, that would shift to the alternate count call for a little more downside in wave C of a zig-zag correction from 1.1683. The ideal target for wave C will be seen at 1.0149 from where the next impulsive rally should be seen. It's important to emphasize that the alternate count only becomes the preferred count, if important support at 1.0573 is broken.   

When a 1+ is highlighted in the right hand corner, more charts is available in this chart-pack 3 charts can been seen. To see the other charts, click on the chart, which blows it up and in the center part at the bottom a control panel will be highlighted. Use the arrow to see the additional charts.     

AUD/NZD - Long term bottom possibly in place at 1.0283

AUD/NZD - Long term support from 1995 tested

AUD/NZD - Five wave decline from 1.3794

AUD/NZD - Five wave decline from 1.0283

AUD/NZD long term bottom in place at 1.0283? 

We have seen a test of the long term support going back to July 1995 near 1.03 and both the monthly MACD and the RSI indicator displays positive divergence indicating the likelyhood of an important bottom being nearby. 

Zooming in on the weekly chart, we can see a clear five wave decline from 1.3794 to 1.0283 also indicating a bottom being nearby if not already in place. The MSCD and the RSI is also displaying positive divergence, again indicating a possible bottom being in place.

Zooming in further to the 4-hourly chart, we can count a five wave decline from the 1.1304 high of wave iv and again positive divergence is present in both the MACD and the RSI indicator all calling for a bottom being in place at 1.0283.

So what's needed from here? A five wave rally of the 1.0283 low would indicate that a long term bottom is in place. A break above resistance at 1.0399 (the top of wave iv of (v)) would be a indication of the bottom being in place and better yet a break above the top of wave (iv) at 1.0477 will be an even strong indication of a bottom being in place for a multi month if not multi year rally.  

 

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Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane
Ananyavrat
2016-06-24
Hi Surfer,

Super calls !! And analysis.

Bravo for your brexit call !!
Whats next?

Ull need to update all indices!

Ananyavrat
Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani