Elliott wave Analysis: NZDUSD and EURAUD
Kiwi can be ending a five-wave cycle within an ending diagonal here, which means that NZDUSD is bullish now, but be aware of a deeper three-wave a-b-c decline before a continuation higher, where ideal support would be around previous wave »iv« 0.6670 support level.
NZDUSD, 1h
After that big spike to 1.67 area, EURAUD dropped sharply lower and it’s probably unfolding an impulsive five-wave decline, so be aware of more weakness back below 1.60 area within wave »v« of 3 after a small correction in sub-wave »iv« that can find resistance around 1.61 area. If we are surprised by an impulsive rally back above 1.63 region, then we may adjust the view.
EURAUD, 1h
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