Elliott Wave Analysis On NZDUSD And GOLD
Elliott Wave Analysis On NZDUSD And GOLD
NZDUSD
NZDUSD is moving up right now after that break down to 0.7030 yesterday, which occurred after a triangle in wave 4). We know that triangle patterns are predicting finale legs within a bigger cycle, so we think that yesterdays drop was fifth wave of an impulse, which suggests a new turn up now. We are observing an A)-B)-C) rise now back to 0.7170-0.7230 area where bears may show up again with even stronger sell-off.
NZDUSD, 1H
GOLD
Slow, choppy and overlapping price action within an upward channel is normally a very strong indication of a corrective pause within a downtrend. And this is exactly what we think that gold is doing; we see wave four which is about to send prices down into wave five, ideally by the end of the week to 1200 area.
GOLD, 1H
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