Open trading account 
I've been posting this analysis in the Technical Analysis Contest as well, you can find it here: AUD/NZD Multi Decade Support Level
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.
The five wave cycle has been completed and now we have entered in a tight congestion zone which is taking shape of a bullish flag formation (see Figure 2) and the signal trigger for the new uptrend will be after we brake the upside resistance at around 1.1000 big round number, but before that we must see a five wave movement inside this flag so we need a spike lower towards 1.0880 before wave e is completed.
On the Daily chart we can see much more closer the recent price action (see Figure 2). based on Elliott Wave analysis it can be seen that we have completed a five wave decline which should mean that in coming weeks we should see a retracement in the form of a rectangle or bullish flag formation, which a 500 pip range and if we project that to the upside we should have a target of 1.1500 once we break the top of this bullish flag formation.
Based on Elliott wave count analysis and based on the bullish flag pattern projection we should expect an exchange rate for AUD/NZD of 1.1036 for 1st of October.
Best regards,
Daytrader21
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.
Figure 1. AUD/NZD Weekly chart
The five wave cycle has been completed and now we have entered in a tight congestion zone which is taking shape of a bullish flag formation (see Figure 2) and the signal trigger for the new uptrend will be after we brake the upside resistance at around 1.1000 big round number, but before that we must see a five wave movement inside this flag so we need a spike lower towards 1.0880 before wave e is completed.
Figure 2. AUDNZD Daily Chart
On the Daily chart we can see much more closer the recent price action (see Figure 2). based on Elliott Wave analysis it can be seen that we have completed a five wave decline which should mean that in coming weeks we should see a retracement in the form of a rectangle or bullish flag formation, which a 500 pip range and if we project that to the upside we should have a target of 1.1500 once we break the top of this bullish flag formation.
Based on Elliott wave count analysis and based on the bullish flag pattern projection we should expect an exchange rate for AUD/NZD of 1.1036 for 1st of October.
Best regards,
Daytrader21
