Elliott Wave Analysis On NZDUSD And EURGBP

By: Gregor Horvat | Wed, Aug 3, 2016
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NZDUSD

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.

NZDUSD, 1H

NZD/USD 1-Hour Chart


EURGBP

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.

EURGBP, 1H

EUR/GBP 1-Hour 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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