Silver and AUDNZD Update – Elliott wave analysis 

audnzd analysis

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Silver is nicely recovering following a completed higher degree C) move at the 11.60 level. We can see a five-wave rally in play, where latest intra-day recovery out of a wave 4 triangle can be final within an impulse, before resistance and a temporary top can be seen, and price stops for a minimum, three-wave correction. We are tracking final wave 5, which can face resistance at the 19.5/20.2 region. Once the lower Elliott wave channel line gets broken, an A-B-C pullback as part of a bigger trend may start developing.

Silver, daily

silver analysis

AUDNZD may have found a low at 0.999 level recently as price started sharply recovering. We are tracking a minimum, three-wave reversal now, where price completed its first leg A/1, so be aware of a pullback into wave B/2, with support at the 1.053/1.030 level.

AUDNZD, daily

audnzd analysis

 

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

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By Gregor Horvat

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