We have been viewing the consolidation in AUDNZD as a textbook wave-(4) triangle. The curveball, and the newly promoted base case, is that the triangle was just a wave-(b) in a larger (a)-(b)-(c) corrective rally. A move above 1.0912 is a breakout that suggests a rally to 1.1203 is commencing. Until prices better 1.0912, there is still a chance that this is just a sideways triangle; below 1.0649 is needed to confirm the alternate. (dly) S/t, the hourly chart has traced a wave-1 wedge and is in the midst of wave-3 higher. The minimum (symmetry) target is 1.0899 and the 1.618 extension is 1.0957. Support is 1.0841 & 1.0806. (hourly) Conviction: Med/High Levels: Support – 1.0841, 1.0806, 1.0748 Resistance – 1.0899, 1.0912, 1.0957
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Nomura