EUR/USD ready for a bearish turn; NZD/USD could go lower

On the FX board we see slow waves, but in a corrective fashion. So, our bias from last week did not change: we anticipate a higher USD. On EURUSD we see a nice rally from Oct 23, but it’s still slow and overlapping so it is probably a corrective wave that is now testing resistance at 1.2700-1.2720. We would not be surprised by a bearish turn in the next 24 hours.

EURUSD 1h Elliott Wave Analysis

NDZUSD is also looking bearish after a nice five wave pattern of decline from above 0.8000 last week. A five wave move is a direction of a trend, which means the pair should continue even lower after a completed minor correction that is now in progress. We see nice technical resistance coming in at 0.7900 and 0.7950.

NZDUSD 1h 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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