AUD/NZD remains in a strong long-term uptrend, but the chart suggests the pair is likely completing the final stage of its bullish Elliott Wave structure near 1.2200. Price is still holding inside the rising channel, showing buyers remain active, yet the recent slowing momentum and wedge formation indicate the rally may be running out of strength. If buyers manage to break above 1.2200, the next upside target stands near 1.2300, where the current bullish cycle could fully mature.
The projection on the chart points to a corrective decline after the top is formed. The first downside level to watch is 1.1900, where temporary support may appear. A deeper pullback could then extend toward 1.1700, which is the key support level for the medium-term trend. From there, the chart suggests buyers may return and attempt another recovery wave toward the 1.2000 area. As long as the price stays above 1.1528, the broader bullish structure remains intact despite any short-term correction.
We will update further information soon.
BrightRally_Research
The projection on the chart points to a corrective decline after the top is formed. The first downside level to watch is 1.1900, where temporary support may appear. A deeper pullback could then extend toward 1.1700, which is the key support level for the medium-term trend. From there, the chart suggests buyers may return and attempt another recovery wave toward the 1.2000 area. As long as the price stays above 1.1528, the broader bullish structure remains intact despite any short-term correction.
We will update further information soon.
BrightRally_Research
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.