Elliott Wave Analysis: NZDUSD and EURGBP
NZDUSD structure depict highly corrective price action in the complex pattern XWY. Slope and overlaps suggest this move up is only a pause in a higher degree downtrend and we expect a decisive break of the corrective channel soon. If we see 0.6947 region taken outn then that will be a good sign for further continuation to lower levels and a confirmation that black wave 2 found its highs.
EURGBP extended its rise in attempt to make a new high. This upward structure is still unfinished it seems with possible one more push higher to complete higher degree blue wave 4 around 0.8804 area. From there we expect an impulsive reversal lower with an ideal break of the 0.8581 level, which would suggest that more weakness may follow on EURGBP.
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