AUD/NZD Quick Update

AUD/NZD reached a very high key area (weekly chart) after finishing 5 waves down with a beautiful double top formation inside a falling wedge. We are waiting for the break of this amazing descending formation to capitalize with a long-term buy position. Also, since AUD and Gold are positively correlated, any impulsive wave on Gold to the upside might push all AUD pairs to the upside creating great trading opportunities.

Our first target will be the 61.8% Fibonacci Extension level (1.08524). Breaking this level will push AUD/NZD towards the bottom of the falling wedge at (1.09230).