Despite GOLD trading higher, commodity pairs NZDUSD & NZDJPY

Despite higher gold prices, commodity currencies remain weak against the buck. We do not see a higher NZD or AUD even with rising metals, so this tells us that when resistance on gold will be hit, NZD and AUD can fall sharply. That said, we are observing a bearish pattern on NZDUSD. We see a triangle in wave four that can be near completion now as wave E) hits the upper line of a pattern. Weakness can occur soon for a move back to the lows.

NZDUSD Elliott Wave Analysis

NZDJPY is also showing a clear bearish triangle that is pointing down into wave (5) over the next few days. Now, the question is which one is better to look for shorts; is it NZDUSD or NZDJPY!? Well we compared them to each other and can see that NZDUSD is much lower than NDZJPY, and it’s because of a rising USDJPY so the best trade can be on NZDUSD.

NZDJPY 4h Elliott Wave Analysis

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!

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