Elliott Wave Analysis On AUDNZD And NZDUSD
AUDNZD made an impulsive wave up from the lows in five waves, labeled as wave 1 and made a contra-trend movement in the later wave 2. The question that we face is, is the correction done? Latest development shows a nice move up but still not fully completed as, only four waves are visible. That said we would like to see one more push up over the corrective channel to confirm higher prices.
On the intraday chart of NZDUSD, we are observing a nice recent decline taking place, probably as part of a new imupulsive structure that could be in the cards. Currently we see price trading in a slow and overlapping price action, which gives us an idea that this could be wave ii, and that after wave ii is completed more downside could follow into wave iii.
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