Elliott Wave Analysis On NZDUSD And GOLD
NZDUSD is undegoing an impulsive fall from recent highs at the 0.7485 mark, where wave 5) found its top. As such we are now looking lower within a probable new bearish cycle, that may unfold in months ahead. At the moment we see price trading in the sub-wave 3 of 1) that may find a support near the 0.7300 area, and later turn higher into wave 4.
Gold made a dive from its latest highs but for now we are regarding this as a corrective pullback in the black A-B-C manner with possible support at the 1.321 area. Now Gold might be exposed to further pressure since it is a commodity, secondly within the rate increase it becomes a little expensive to hold but our technical picture is still biased to the upside. So we have to be on guard here how the market will regard this metal with potential USD rise.
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