GBPNZD and GBPAUD Still Bearish – Elliott wave analysis

Intermediate

GBPNZD can be trading in a big, bearish movement, down from March high. We see price in a third leg of a bigger decline, where price is unfolding a wave iv correction. Wave iv is a pause within the trend and can look for resistance/bearish turn at the 1.96/1.97 zone, where former swing high of a wave iv), and Fib. Ratios of 23.6 and 38.2 can slow temporary bulls down.

GBPNZD, 4h

GBPNZD Chart

GBPAUD is trading similar, however here we see price already declining into a sub-wave v of 3 as part of a bigger, bearish reversal. Possible support for sub-wave v of 3 is at 1.76/1.74 region, where Fib. Ratio of 61.8 can slow the bears down. Also, a later rise above the upper Elliott wave channel line, connected from 1.953 level will suggest a correction of a higher degree, wave 4 to be underway.

GBPAUD, 4h

GBPAUD Chart

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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