Elliott Wave Analysis On German DAX And NZDUSD

By: Gregor Horvat | Mon, Oct 24, 2016
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Good day traders to all of you who are here for the US updates.

FX market did not move much in European hours, despite a break higher on German Dax which managed to move above August highs, so looks like we can see more upside. On 15min chart, we also see a nice strong upward reaction that looks like an impulse that can extend up to 10850 area after current wave four pullback is complete. As we can see, Index is in clear bullish impulse which should continue as long as 10714 invalidation level is not breached.

German DAX, 15Min

DAX 15-Minute Chart


NZDUSD

NZDUSD has turned strongly to the upside last week, with price that moved slightly above the resistance line which can suggest that we could see more upside if we consider that turn up from the 0.7034 mark was made in impulsive fashion. We now see that leg up as first wave A)/1) as part of a minimum three wave advance that can take price back to 0.7300 area, before we may turn bearish again. But as things stand at the moment, we see a short-term bullish cycle.

NZDUSD, 4H

NZD/USD 4-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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