Elliott Wave Analysis On EURAUD And NZDUSD
EURAUD made a nice intraday bounce up to 1.4800 today and touched 38.2% where corrective bounce can be finished. Keep in mind that big picture is pointing down as rally from 1.4465 to 1.5200 has unfolded in three waves, so we believe that any intraday rallies are now part of a bearish continuation. That said, we think that sooner or later EURAUD will break beneath 1.4465 low from March.
On the NZDUSD we still see some room left for another 50-70 pips rally towards 0.7000 psychological level where bears could step in as final pieces of a wedge will then be in place. I would be interested to short this one if we get bearish impulse turn sometime this week.
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