Fresh year, same old trade thank goodness!

I thought I would take advantage of the time to take a fresh look at AUDNZD. It appears that the pullback that was expected in my earlier post materialised and has provided a potential higher low from where a substantial extension higher is possible. I hope that some of you have managed to get long on the back of the recent pullback. Yesterdays 'quiet' trade in the currency markets has given us a decent push above 1.2025. I believe a re-test of the high seen on 08 Dec (1.2280) is now highly likely, and with it a return to the old highs from the end of (last) July. As returning readers will know I am an AUDNZD bull on fundamental and technical grounds. Provided we see a push over 1.2280, I think that the projections shown on the chart above are achievable over time. It is also possible that the envisaged extension could enable a break out of the monthly wedge that was referred to in an earlier post (see below). If that does materialise, this is only the beginning of a much bigger move. One step at a time........