As I mentioned in another post, Elliott Wave correction are in 3,7 and 11 swings. The AUDNZD had 7 swings down at the beginning of July but that low was taken out this week. With that low taken out we now have 9 overlapping swings. Because of this I am looking for the pair to do a 3 wave bounce that holds below the X wave high of 1.05446. This should be followed by another swing lower taking out this low. I am thinking somewhere in the 1.0350 area could be a good place to grab more longs.
A break of 1.02763 would invalidate this count and my bullish view.
AUDNZD 4 HR Elliott Wave Count
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AUDNZD 4 HR Elliott Wave Count
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