GOLD and NZDUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Nov 6, 2014
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No change on gold so far; move is slow and sideways so we see it as a minor correction within ongoing decline of wave (v) that still can fall to 1120/1130 area before bounce can be found.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

It's been few days since I looked on NZDUSD, as we put it on the side after closing a nice short trade on Monday. However, now again this pair can be forming a new very interesting pattern, maybe an ending diagonal in wave 5 which is a reversal pattern. However, there is room for a decline towards 0.7600 before market can be bottoming. For a bottom confirmation, we however will need to see an impulsive bounce. For now, that's not the case, so trend is down, but its a good count to keep an eye on.

NZDUSD 4h Elliott Wave Analysis

NZDUSD 4-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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