Elliott Wave Analysis: AUDUSD and NZDUSD Looking Bullish!


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 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 4h chart 2019-07-02


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