Elliott Wave Analysis On NZDUSD And GBPUSD

By: Gregor Horvat | Tue, Oct 4, 2016
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NZDUSD

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.

NZDUSD, 1H

NZD/USD 1-Hour Chart


GBPUSD

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.

GBPUSD, 1H

GBP/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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