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NZDUSD and S&P500 – Elliott Wave Analysis

NZDUSD is clearly in bullish mode, making a nice impulsive trend, so it’s important to stay with this direction, at least for now. That said, we will expect more gains after any three wave retracement. We will be tracking wave 4 in the next few sessions. It may retrace back into the 0.6585 – 0.6648 area, which can be an ideal zone for a new bounce. If we get this pullback, we may look for longs sometime this week.

NZDUSD, 1h

nzdusd  1H

Markets are slow today, no major changes in trend, so for now, stocks remain up despite some sell-off on DAX from around 10190. However, we think that, eventually, stocks will find resistance later this week. The reason is that the S&P500 is now in the fifth wave at the final leg of an impulsive structure. It may rise to 2030-2040 this week, where we expect a  downward turning point.

S&P500, 1h

S&P 500, 1H

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!