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AUD/NZD pair made an impulsive sell-off at the end of 2022 on a daily chart, which we see it as a wave (A). Since then, we can see it trading in a larger A-B-C corrective rally within wave (B) that can be now approaching important February highs resistance, from where we should be aware of another sell-off for a higher degree wave (C).
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Looking at the 4-hour, we can see it finishing a five-wave impulse within wave C of (B) that can ideally stop above February highs in the 1.11 – 1.12 resistance zone. Currently we are tracking final stages of subwave »v« that can be potentially completed within the wedge pattern before we will see a bearish reversal.
Basic Elliott wave pattern with an impulsive five-wave 1-2-3-4-5 decline, followed by a three-wave A-B-C correction indicates for more weakness.
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