Elliott Wave Analysis: GBPUSD and NZDUSD

GBPUSD

British Pound rallied sharply on Friday, finishing the week at the highs for the day, on the upper side of a trading range. Also notice that before that, the price did not fall beneath 1.5200, so actually the trend is still up from 1.5108 because of higher highs and higher lows. That said, we assume that the pair is still in a corrective recovery, maybe a complex double zigzag with wave C) is yet to come. We see room for a move up to around 1.5600 then, before bears can come back in play.

GBPUSD, 4H

NZDUSD

On the NZDUSD chart we see the pair making wave ii) pullback which still can reach levels around 0.6700 before the uptrend will finally resume up into wave iii) towards new highs at around 0.6900. Invalidation level remains 0.6620. We could be interested in long positions.

NZDUSD, 4H

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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