AUDNZD and EURNZD Both Stopping for A Pullback!

Intermediate

AUDNZD unfolded five legs within wave a, which can be part of a bigger, bullish reversal. Completed five legs within a trend indicate a three-wave retracement to follow, which is already the case on AUDNZD; an a)-b)-c) pullback to around 1.043/1.039 region, where bulls may again take over.

A later rise in impulsive fashion would suggest a completed pullback, and wave c to be underway.

AUDNZD, 1h

AUDNZD 1 hour chart 2019-08-15

EURNZD is bullish, however price can now be taking a pause with a potential triangle within wave 4, so be aware of a new high in the near term, once the triangle fully develops. We know that a triangle unfolds prior to the final leg, which is in our case wave 5. Also, there can be a possibility that current wave 4 correction unravels a flat pattern, in which case the lower triangle line would be broken, and we would see weakness towards the 1.7100 area.

EURNZD, 1h

NZDUSD 1 hour chart 2019-08-15

Trade well,

The EW-Forecast team

www.ew-forecast.com

@ewforecast

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