Elliott Wave Analysis: German DAX And AUDNZD 

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Elliott Wave Analysis: German DAX And AUDNZD

As we can see on the chart, DAX can be trading in final stages of a corrective retracement, in wave C. We see current leg down as sub-wave v of C, that can see limited downside near the lower channel line. Later a five wave recovery will suggest a change in trend and more gains to follow.


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Let’s look at AUDNZD now. AUDNZD is trading quite choppy and slow since last week of July, which gives us an indication that price may be unfolding a corrective wave. As we can see we expect wave 2 to unfold, ideally as a flat correction. A pattern that consist out of a 3-3-5 structure. As we can see on the chart, sub-waves a and b are completed, which means only wave c to the upside is needed for the completion of the pattern. Ideally more gains will step in on the pair and take price higher towards the 1.0710 resistance area, from where a turning point lower will later come in play.


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Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.



By Gregor Horvat

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