Elliott Wave Analysis On NZDUSD And GOLD

Gregor Horvat

NZDUSD has completed five waves lower from the red wave C) label around the 0.7402 mark and is currently in a bullish retracement process namely close to completing red wave A. Later, we expect three sub-waves to unfold within wave B) and a final push higher within final wave C) of this three waves. The whole correction will then find a probable region of resistance and a turning point lower around the 0.7176 area, from where bears may take over.

NZDUSD Hourly Chart

NZDUSD Hourly Chart

Gold is moving sharply lower, away from 1337 swing high where market found a top of wave X that belongs to a big complex decline visible on higher time frames. So we are tracking a double zigzag correction, which should see more weakness after the wave B bounce. At the moment, we see price in late stages of wave A after recent breakdown into sub-wave five. That said, three wave rise can be around the corner.

Gold 4 Hour Chart

Gold 4 Hour Chart

Source: www.ew-forecast.com

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