AUD/USD and NZD/USD at Potential Reversal Points – Elliott wave

Gregor Horvat Wavetraders

Hello traders,

AUDUSD made a five-wave completed decline from 0.668 level, which is now being followed by a temporary, three-wave a-b-c pullback, and is trading at resistance. Ideally a new fall below the lower channel line, and below the 0.571 will follow in the next few sessions, which would indicate further weakness.

AUDUSD, 4h

NZDUSD is trading similar to aussie; now unfolding final stages of a three-wave A-B-C correction within a fourth wave, where price is also trading at possible resistance/reversal levels. We see a wave C underway, which can face a turn lower at the 0.591/0.597 region.

A sharp turn below the lower channel line would indicate further weakness.

NZDUSD, 4h

Trade well,

The EW-Forecast team

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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