Elliott Wave Analysis: NZDUSD and SILVER
On the 4h chart of NZDUSD we can see a nice bearish breakdown to be in progress, with price now specifically trading in the middle of red wave three. As we know, wave 3 is known as the strongest and the steepest wave, which means in our case even more weakness may follow. Well, regarding the intraday view we see price now trading in sub-wave four, a temporary correction that may see limited upside around the 0.7046 region.
Silver made a strong rally yesterday, after the FED meeting, which we now see it as sub-wave B of a higher degree wave II. Well, we believe sub-wave B may in sessions ahead find some resistance around the 17.60 region and make a new five wave drop into wave C of II. The whole corrective structure may later then find support around the 61.8 or 78.6 Fibonacci ratio.
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