Elliott wave Analysis: AUDUSD and NZDUSD Intra-day Update

Intermediate

Commodity currencies are making some pullback against the USD, except AUDUSD where we see pair higher after RBA Rate Statement (1.5%), Retail Sales (-0.4% vs 0.0%) and Trade Balance (3.68B vs 2.25B) figures. Technically speaking, there is room for 0.7300/0.7340 area while pair is above 0.7175.

AUDUSD, 1h

intraday audusd

NZDUSD may also still see more gains, but only if current support around 0.6870 and current trendline will hold. It’s a nice zone for a potential bounce later today. But if we do not get a recovery today, then I think pair can be in a deeper pullback here.

NZDUSD, 1h

intraday nzdusd feb 05 2019

Gregor Horvat

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

Comments on this analysis

Your email address will not be published. Required fields are marked *


Forex Brokers in your location