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    AUD/NZD Elliott Wave trading recommendations for 6th June 2016 2016-06-06

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    AUD/NZD broke a major support level previously, and its wave iv retracement is at a perfect 38% (fibonacci retracement). This gives us good confidence in a drop to 1.0500. The RSI has also reacted well below the 50% level giving us further confidence in the drop from here.

    Trading recommendations:

    Sell now, add to your position if the price rises to 1.0610.

    Take profit at 1.0500

    Stop loss at 1.0670


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