GBPNZD and GBPAUD Still Bearish – Elliott wave analysis

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GBPNZD can be trading in a big, bearish movement, down from March high. We see price in a third leg of a bigger decline, where price is unfolding a wave iv correction. Wave iv is a pause within the trend and can look for resistance/bearish turn at the 1.96/1.97 zone, where former swing high of a wave iv), and Fib. Ratios of 23.6 and 38.2 can slow temporary bulls down.

GBPNZD, 4h

GBPAUD is trading similar, however here we see price already declining into a sub-wave v of 3 as part of a bigger, bearish reversal. Possible support for sub-wave v of 3 is at 1.76/1.74 region, where Fib. Ratio of 61.8 can slow the bears down. Also, a later rise above the upper Elliott wave channel line, connected from 1.953 level will suggest a correction of a higher degree, wave 4 to be underway.

GBPAUD, 4h

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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!