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

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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