AUDNZD Analysis January 2017 (W)

Let’s review the weekly chart of the AUDNZD.
 

AUDNZD WEEKLY CHART 

 
Previous analysis was looking for a wave C low of a wave 2 low in a new bull trend. This is still the expectation but I now favour that to occur on the next low. This low would be a “three strikes and you’re out” formation with the first two strikes in place.
 
Price rallied nicely after recent analysis however the move was stopped at resistance and set up a double top denoted by the horizontal line. This is a bearish double top as it is with the trend so therefore we should expect a new low.
 
The Fibonacci Fan shows the recent high was at resistance from the 88.6% angle but perhaps the next attempt at busting through will be successful. It certainly looks more like testing that angle than going lower and getting back near the 76.4% angle.
 
The two previous lows have been just below the 76.4% Fibonacci retracement level and perhaps the final low will get down around the 88.6% level at 1.0201.
 
Both the RSI and MACD indicator look likely to set up a triple bullish divergence on the next low so a good buying opportunity looks on offer.
 
I still have forgotten about the longer term broadening low formation which would see price go even lower but at this stage I am favouring a new bull trend in play with a major higher low about to form.
 
 

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Disclaimer

All information contained in this website is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors. Put simply, it is JUST MY OPINION.

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