• 11 hours Another Major Car Maker Is Backing Hydrogen
  • 1 day Are Americans Finally Sold On Soccer?
  • 2 days Is The Tech Bubble About To Burst?
  • 2 days Coronavirus Could Cost Tourism Industry $80 Billion
  • 2 days What Web Traffic Trends Can Tell Us About The World
  • 3 days Miners Face Greater Headwinds
  • 3 days Boris Johnson Proposes Billion Dollar Bridge To Northern Ireland
  • 4 days Goldman Slashes Oil Price Forecast By $10
  • 6 days Tesla Raises $2 Billion In Share Selloff
  • 6 days What The T-Mobile Takeover Of Sprint Really Means For Markets
  • 6 days The U.S. Has Charged Huawei With Racketeering And Conspiracy
  • 7 days How Hydrogen Could Become The Fuel Of The Future
  • 7 days Millennials Can’t Retire, But They’ll Still Have To Help Their Parents
  • 7 days This Gold Miner Just Increased Its Dividends By 40%
  • 8 days Airbnb IPO Under Threat As China's Economy Drags
  • 8 days The Infamous Equifax Hack Just Became A National Security Issue
  • 8 days BHP Takes The Crown As World’s Top Copper Miner
  • 9 days Tesla Reopens Chinese Factory After Coronavirus Scare
  • 9 days Armed Troops Storm El Salvador’s Parliament
  • 9 days Is A New Housing Bubble Forming?
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: EURCAD and AUDNZD

EURCAD

EURCAD is moving nicely to the upside since mid-April when we talked about a reversal because of a previous three waves of decline. Market rallied 800pips since then in five waves as you can see so it may be time for a reversal, or at least a three-wave set-back. Also notice that there is a triangle in fourth wave so current leg up should be a final piece of a recovery then, thus upside is likely going to be limited next week somewhere around 1.4900, or at 1.5000 psycho level. Drop back below 1.4800 fourth wave support would be a strong indication of a top in place.

EURCAD, 1H

EUR/CAD 1-Hour Chart


AUDNZD

AUDNZD came slightly down in the last few hours from 61.8% Fib. level but we still don't see five waves up within red wave 5) so current decline is likely just another part of an ongoing fifth wave. We are looking at an ending diagonal that can find resistance then around 1.0900. Based on structure and time-perspective, we think pair may turn south next week.

AUDNZD, 30min

AUD/NZD 30-Minute Chart

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer
You can also follow us on twitter @ewforecast
www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment