Elliott wave Analysis: GBPNZD and AUDUSD Update

Intermediate

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.

GBPNZD, 4h

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, 4h

audusd 4

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

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