Search ForexCrunch

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.


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.


Trade well,

The EW-Forecast team