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AUD/NZD Multi-Decade Support Level (part 5)

AUD/NZD is approaching a multi-decade support level at 1.0400 which I think will provide some good trading opportunities. In Figure 1 you can see the monthly chart and the strong sell of from the past few months. Since April 2013 after we broke the psychological level of 1.2100 big round number the downward momentum accelerate and we barely see any kind of retracement. But since we hit the 1.0500 level market has started to bottom and move inside some trading boxes, on top of each other. However…
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Update 1: Unfortunately we broke to new lows and it may be the case that we're going to have an overextended wave 5. If next week we manage to recover the losses from previous week we're back in cards to hit out target. However we need a close above the 1.0400 level.

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Update 2: Since we haven't managed to close above 1.0400 and posted another bearish weekly bar, I suspect this pair is headed much more lower.

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Update 3: As expected we have gone lower and even tested the parity level from where we posted a low, which however must be confirmed by another bullish weekly candle

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Good Job!

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really good analysis!

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AUD/NZD Multi Decade Support Level (part 4)

AUD/NZD is approaching a multi decade support level at 1.0400 which I think will provide some good trading opportunities. In Figure 1 you can see the weekly chart and the strong sell of from the past few months. Since April 2013 after we broke the psychological level of 1.2100 big round number the downward momentum accelerate and we barely see any kind of retracement. But since we hit the 1.0500 level market has started to bottom and move inside some trading boxes, on top of each other.
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Update 1: As expected wave D has completed and current swing low at 1.1000 should provide a strong support and the base for the next rally. For next week the resistance stands at 1.1100 which is where we opened last week

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Update 2: Since my last update not only that wave D has been completed but the entire sequence ABCDE has been completed which based on Elliott Wave we should now push higher and break above current congestion zone. Current resistance zone remains 1.1300 and we need a break and close above this level in order for the bullish sentiment to be in charge again

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