EURNZD Looking Higher, While NZDUSD Strongly Dropping
EURNZD is bullish, now trading at the start of final wave V. We can see that recent bigger wave IV found a base near the Fibonacci ratio of 38.2 and near the lower channel line and later bounced higher. Current price action is now also touching the upper channel line, which means maybe bulls are ready to take over. A decisive breach above the upper channel line will suggest a completed wave IV correction and wave V to be in progress.
NZDUSD is continuing strongly to the downside, now approaching Fibonacci ratio of 100.0, where minor wave three can find a potential base. Notice that previous swing low of wave X is also close at 0.7182 and once it gets breached, we can say that a change in trend is confirmed from bullish to bearish and that even more weakness may follow on larger time frames.
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