EUR/NZD went 4 waves down (Daily Chart), and now is the perfect time to capitalize on this amazing continuation pattern to the downside for wave 5. As you can see, combining price action and Elliott Waves, EUR/NZD entered in an upside correction to the upside when also DXY started its ABC correction to the upside. Since AUD and NZD are both called high yield currencies and pretty much very correlated to Gold, both usually are the most affected by the Dollar's movements when it comes to quick volatile movements. That's why we saw EUR/NZD in a very corrective consolidation to the upside for more downside continuation when the Dollar continues its way down.
Our first target is the bottom of the rising edge at 1.63276. Breaking 1.63276 will push EUR/NZD towards our second target which is 1.60000.
Our first target is the bottom of the rising edge at 1.63276. Breaking 1.63276 will push EUR/NZD towards our second target which is 1.60000.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.