Elliott Wave Analysis On GOLD And NZDUSD
GOLD is showing a complex corrective pattern, known as double zig-zag which could be near completion, as only one more leg seems to be missing, that is wave C). Currently we see price in final stages of wave B), which is a triangle and could push price towards 1295-1302 region after its completion. After that a possible new reversal higher may happen.
NZDUSD is still trading sharply lower possibly in a new upcoming bearish cycle, after we recognized an ending diagonal of a higher degree in the previous bullish structure. That said, recently broken channel line could indicate that a new bearish structure has started and that todays rally towards 0.704 could be an unfolding correction in red wave 2), which can find its resistance and turning point lower around 0.7120.
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