FX.co ★ AUD/NZD Elliott Wave trading recommendations for 20th June 2016

AUD/NZD shows great support at 1.0400, and we've seen the price complete a wave c/ at that level. The first resistance we're seeing is at 1.0550, which is a graphical resistance level, fibonacci retracement level and a fibonacci projection level (so we shouldn't try to play a rise above 1.0550 yet). 1.0400 is a big 1.0 Fibonacci projection level too, which is why it is our stop loss.

Trading recommendations:

Buy now and once more at 1.0475

Stop loss at 1.0400

Take profit at 1.0550