Elliott Wave Analysis: AUDUSD and NZDUSD Looking Bullish!

Intermediate

Good day fellow traders!

AUDUSD is recovering sharply from the 0.683 level, where a low for sub-wave c of Y had been found. Current sharp rally can now be part of a minimum three-wave recovery, that can take price towards, and beyond the 0.702 bullish level. We labelled first wave a/i in progress, which can look for resistance near the 0.702 bullish level, that can at the same time represent possible resistance.
Be aware of a temporary setback as wave b/ii to around 0.693/0.690 region.

AUDUSD, 4h

AUDUSD 4h chart 2019-07-02

NZDUSD is trading like AUDUSD.

NZDUSD can be recovering in a bigger, five-wave manner from May lows, with price now unfolding sub-wave ii as part of a bigger wave 3 impulse. Sub-wave ii is a correction, that can look for support near the Fibonacci ratio of 38.2/61.8 (0.664/0.658 region).

NZDUSD, 1h

NZDUSD 4h chart 2019-07-02

@ewforecast

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Your email address will not be published.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 *


Latest Related News

US Dollar positive reversal

Strong US Employment report (NFP data) creates a US Dollar reversal in a broad sideways pattern (EURUSD lower, US Dollar Index, DXY higher)Kiwi breaks up and targets .6675 (NZDUSD) Continued

The Forex Zone Forecasts – US Dollar weakens, with Pound to USD bullish

US Dollar shifts to a weaker theme across the major currencies, with the GBP USD Chart showing a bullish break The Forex Zone looks at day trade views and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Bull theme intact A firm rebound and consolidation tone on Thursday to build on Wednesday's spike above key 1.1097 (to signal an intermediate-term… Continued

The Forex Zone Forecasts – US Dollar King of G3 with Yen and Euro vulnerable

US Dollar stays strong amid a more positive spin from the US-China trade talks The Forex Zone looks at day trade views and forecasts for the major Forex rates; EUR/USD, GBP/USD, USD/CAD, AUD/USD, NZD/USD and USD/JPY. EURUSD: Still targeting key 1.0988, maybe critical 1.0939 A low-level consolidation Thursday after Wednesday's prod lower to just hold above key 1.0988 support, to reinforce the losses since last Friday’s plunge through 1.1053/51… Continued

Forex marking time

Minor negatives on Euro and Kiwi (EURUSD and NZDUSD)Dollar Yen (USDJPY) dictated by S&P 500, which is in breakout mode Continued

The Forex Zone Forecasts – FX paralysis, with conflicting trade talk signals

Forex markets are mixed with varied and conflicting signals coming from both sides in the US-Sino trade talks. The Forex Zone looks at day trade possibilities and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Intermediate-term bullish shift with probe of key 1.1092/93 A Thursday spike higher above the key 1.1092/93 resistance area from an intermediate-term bullish shift and to build on Wednesday’s setback to… Continued

Forex Brokers in your location