Elliott Wave Analysis On NZDUSD And AUDUSD
NZDUSD
Our pair on radar screen for shorts this week will be NZDUSD which is in corrective bounce from 0.6715, so it’s a temporary recovery that will send price down after A-B-C structure. We are looking up now into wave C which may stop at 0.6880-0.6920 area; near the red resistance line.
NZDUSD, 4H
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AUDUSD
AUDUSD is in bearish mode for the last few trading days but weakness may slow down now for a few sessions as we see wave three near completion after recent decline down to 0.7250 area, which was probably wave 5 of 3). Notice that there is also a divergence on RSI so we expect a three wave rally, maybe even back to 0.7400 from where downtrend may continue later this week.
AUDUSD, 1H
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