Elliott Wave Analysis On NZDUSD And EURGBP
On the NZDUSD we are observing a nice three wave move taking place, probably a corrective move in the making. As we see price touched the 78.6 Fibonacci ratio, which could serve as a resistance and a turning point lower. Therefore recent downfall could mean that more weakness could be in store.
On the 1H chart of EURGBP, we are looking at a higher degree correction taking place in the A-B-C manner. As we see waves A) and B) are already completed, and recent drop from wave B) highs could be the start of a new five wave move in final wave C) of 4-circled. If that is the case, then more weakness may follow in seasons to come, but with temporary corrective retracements.
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