USDCAD and NZDUSD Elliott wave analysis
USDCAD started rallying from the 1.3312 low, indicating that wave C) of a higher degree is completed, and that a minimum three-wave turn is underway. We labelled a completed first leg A/1 at the 1.368 level, which can now be followed by a temporary correction as B/2, with support at the 1.35/1.344 zone. A rally above the 1.363 level would confirm further upside.
NZDUSD started recovering from 0.592 level with higher highs and higher swing lows, which now looks like a strong uptrend. Price can now be unfolding a correction as wave 4) within the uptrend, with support at the 0.637/0.633 zone. A rally in impulsive fashion above the 0.653 swing high would suggest a completed wave 4), and wave 5) underway.
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