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14 September

By Ihab Maximous

Category: Technical Analysis

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AUDNZD offers potential long setup over long-term basis

AUDNZD moved bearishly over monthly basis since 2011, but recently new signs started to appear on the chart, indicating potential bullish recovery resumption.

The chart above shows that AUDNZD has been able to clear the resistance of a triangle over weekly studies and we see chances for achieving potential re-test it.

Bullish signs that appear with this re-test might send AUDNZD towards 1.2350 regions.

Best places for longs reside around 1.0950 where a harmonic butterfly PRZ would be met, but in case the pair moves upwards without the awaited re-test, traders can buy above 1.1200 boundaries.

Ihab Maximous

A stock market expert and technical analyst based on Elliott waves. He is the first to receive a certified Elliott wave Analyst certificate from Elliot Wave International website, a member of the American Association of Capital Market Experts. He is a member of the Egyptian Association of Analytical Analysts.