Elliott Wave Analysis: NZDUSD Looking Lower
Market is not moving much at the moment, so our major view remains unchanged. We are still tracking commodity pairs such as AUDUSD and NZDUSD that may see more weakness this week, while gold stays under pressure. There is also a stock market still in bullish mode which may see more upside this week if we consider triangle possibility on Dax.
NZDUSD was one of the weakest last week so it will be on our radar list this week for more weakness, but we need a corrective bounce up into wave four before we may look even lower. There is a nice resistance area from 0.7000 up to 0.7055 from where we would expect a new drop.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
NZDUSD was one of the weakest last week so it will be on our radar list this week for more weakness, but we need a corrective bounce up into wave four before we may look even lower. There is a nice resistance area from 0.7000 up to 0.7055 from where we would expect a new drop.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
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NZDUSD turned down from our levels as expected...
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NZDUSD keeeeeps on faallllling. Let's see what next week brings us.