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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

 


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