Sunday May 24, 2015 - 18:38:39 GMT
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Max McKegg's AUDNZD Forecast
Since calling the end of Ozzy’s multi-year Bear market versus the Kiwi (refer Weekly Chart below) the Ozzy has rallied strongly and continues to trace-out an “impulsive” wave sequence to the upside.
The best interpretation at this moment is that the Ozzy is now completing a short term 4th Wave correction, giving-way to the next advance onto new highs for the year (refer Daily Chart below).
If Wave (5) is equal to Fibonacci 1.618 X Waves (1) – (3) then a rally toward the 1.1200 level can be anticipated.
Bottom Line: AUD/NZD is probably readying for the next leg of its Uptrend to new highs for the year, with the potential to reach 1.1150 - 1.1300 over coming days/weeks. To receive my Daily FX Trading Advice – Request Trial below.
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