Elliott wave Analysis: GBPNZD and AUDUSD Update


GBPNZD is making a nice run, but so far only in three leg up from December low, currently in wave C with subwave five here in progress, so a top may not be far away. However, there is still room for 1.9500, so it’s very important to wait on a bearish impulsive turn before we may consider any short ideas. Such approach will be much easier for solid risk/reward set-up, because on a daily chart invalidation level is more than 1000 pips away.


intraday gbpnzd

AUDUSD is slowly turning to the downside from current 0.724 swing high which gives us an idea of a completed wave A) impulse, as part of a bigger recovery. Pullback as wave B) can now be in play, which can look for support and a bounce near the 0.707 level(level of a former swing high) or deeper around the 0.699-0.688 region, where Fibonacci ratios of 50.0 and 61.8 can react as support and turning points.


audusd 4

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Current Market Analysis
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