Elliott Wave Analysis On NZDUSD And GBPUSD
If metals will continue to push prices lower, then commodity currencies may come under pressure soon. On NZDUSD we are looking at a triangle count that can be now finally coming to an end after recent rally up to 0.7309 that can be wave E in a triangle, so ideally a break down is near. Todays daily close beneath 0.7253 opens door for 0.7218.
GBPUSD remains bearish as another sharp leg down from 1.2816 suggests that bearish momentum is still strong so we may see more weakness this week. As such, we updated the wave count and will expect more weakness after a short-term bounce up in wave 4, that may occur from current 261.8% Fib. level.