Although the weekly chart looks bearish (see related ideas below), the daily chart has some rooms for more upside before turning lower.
Rally from ((w)) low at 1.3881 is unfolding in the form of double correction (W)-(X)-(Y) where wave (W) ended at 1.4899, wave (X) ended at 1.4723, and wave (Y) is in progress towards 1.5725 - 1.596 to complete wave ((x)).
Short term, pair is in red wave X pullback and can test 1.4874 before turning for one more leg higher. Alternatively pair is correcting the whole cycle from wave ((w)) at 1.388 and could test as low as 1.4475 - 1.465 before turning for one more leg higher
We don't like selling wave X pullback yet. As far as wave (X) at 1.4723 holds in this wave X pullback, expect the pair to turn higher again towards 1.5725 - 1.596 to complete wave ((x)).
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Follow this pair & others at Twitter: cmellon1976
Website: elliottwave-for.../amember/go.php?r=2670&...
Email hendra@elliottwave-forecast.com if you want to be in distribution list for Weekly, Daily, and 4 Hour Elliottwave Charts update for these 5 pairs (AUD/NZD, AUD/CAD, NZD/CAD, EUR/NZD, and EUR/CAD)
Rally from ((w)) low at 1.3881 is unfolding in the form of double correction (W)-(X)-(Y) where wave (W) ended at 1.4899, wave (X) ended at 1.4723, and wave (Y) is in progress towards 1.5725 - 1.596 to complete wave ((x)).
Short term, pair is in red wave X pullback and can test 1.4874 before turning for one more leg higher. Alternatively pair is correcting the whole cycle from wave ((w)) at 1.388 and could test as low as 1.4475 - 1.465 before turning for one more leg higher
We don't like selling wave X pullback yet. As far as wave (X) at 1.4723 holds in this wave X pullback, expect the pair to turn higher again towards 1.5725 - 1.596 to complete wave ((x)).
---------------------------------
Follow this pair & others at Twitter: cmellon1976
Website: elliottwave-for.../amember/go.php?r=2670&...
Email hendra@elliottwave-forecast.com if you want to be in distribution list for Weekly, Daily, and 4 Hour Elliottwave Charts update for these 5 pairs (AUD/NZD, AUD/CAD, NZD/CAD, EUR/NZD, and EUR/CAD)
