AUD/NZD Daily Elliottwave Analysis 5/19/2015

Decline to 1.004 completed wave V of (C) as seen in the weekly chart (see related ideas below). Rally from this level took the form of a double correction (w)-(x)-(y) where wave (w) ended at 1.05098, wave (x) ended at 1.034, and wave (y) of ((w)) completed at 1.0895.

Wave ((x)) pullback is currently in progress and can reach as low as 1.0343 - 1.045. Short term, the pair is expected to complete wave (w) towards 1.062 - 1.066, then it should bounce in wave (x) before turning lower to complete wave ((x)) towards 1.0343 - 1.045. We don't like selling the pullback.

As far as 1.004 holds in the wave ((x)) pullback, expect buyers to come from 1.0343 - 1.045 area for the next leg higher.

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