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Elliott Wave Analysis: GOLD and NZDUSD

GOLD

Gold made a nice bounce in the last few weeks which in fact looks to be in five waves from 1194. As such, the move must be part of a minimum three wave rise of a higher degree, which means that the metal will most-likely break to a new high of the year, but after a pullback down in wave B or wave 2. Now, we see the price undergoing a nice rally, which may be only temporary as we expect the three sub-wave to unfold within wave B or 2. Support for the whole correction may later then be around the 1226-1240 region.

GOLD, 4H

NZDUSD

NZDUSD is showing first signs of a completed correction in wave 4). We can see a nice breach beneath the 0.6966 level which suggests more downside to follow within wave 5). A five-wave minor movement to the downside may be expected.

NZDUSD, 4H

 

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!