Home Elliott Wave Analysis: AUDUSD and NZDUSD
Daily Look

Elliott Wave Analysis: AUDUSD and NZDUSD

Good day traders! Let’s have a look at AUDUSD, its 4-hour movement and NZDUSD.

AUDUSD is clearly bearish, unfolding a five-wave drop within red wave 1) with sub-wave 5 in progress. We know that waves 1-3 and 5 are all impulses, which means they must contain five legs for a complete pattern. In our case we now see four of them visible within wave 5, so one more push to the downside can follow with a Fibonacci projection target of 200.0.

That being said, once wave 5 of 1) fully unfolds, a new bigger three-wave recovery may come in play.

AUDUSD, 4H

Now let’s take a look at NZDUSD and its 1h chart.

NZDUSD is trading higher, ideally in a three-wave correction. We see blue wave c in motion that can search for resistance near the 0.6550 region. But if the price keeps getting stronger, thena  second resistance region can be found around 0.7000 level.

NZDUSD, 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!