Elliott Wave Analysis On NZDUSD And AUDUSD

By: Gregor Horvat | Mon, Aug 22, 2016
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NZDUSD

NZDUSD keeps moving sideways within bigger uptrend so bullish price action is still here. We are looking at updated wave count that shows wave B triangle in the middle of a red wave 5), so another push up to 0.7400 area is needed before whole structure of an ending diagonal may come to an end. Once top is in place, NZDUSD would be one of my preferred pairs for shorts.

NZDUSD, 4H

NZD/USD 4-Hour Chart


AUDUSD

Aussie is still holding gains from earlier this morning, now already at red wave four where decision point should be made regarding further direction. Will price near 0.7630 hold as resistance or will it be broken by a strong leg up. If we will get bullish momentum to push price up to 0.7660 then we will likely consider a "low in place", and maybe new long opportunities in the rest of the week.

AUDUSD, 1H

AUD/USD 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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