Elliott Wave Analysis On NZDUSD And EURAUD
NZDUSD
USD is mixed today, down against EUR, sideways against GBP but higher against AUD and NZD. We have seen some sharp turns on commodity pairs in the last 24 hours with more weakness in view for the next few trading days as some legs are looking impulsive. On NZDUSD chart below we have been tracking final stages of a big ending diagonal for some time, so we are looking for evidences of a completed uptrend. So far that’s a nice turn down but need slightly more downside with bearish close today to confirm a change in trend. In that case we will try to short pair next week on a wave 2 bounce.
NZDUSD, 4H
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EURAUD
EURAUD is turning very strongly to the upside in the last 24 hours so big downward retracement from 1.4890 now appears completed. Reason is a sharp rise from 1.4580; a clear impulse that should send price much higher in sessions ahead. However, we always need to be aware of pullbacks, so we think that wave 2) retracement may occur while 1.4890 high holds. Ideally there will be a set-back early next week to around 1.4700 support that would be ideal for a new leg up. From a trading perspective this pair looks nice, but we need a retracement for better entries.
EURAUD, 1H
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