USDCAD & NZDUSD: Elliott Wave Morning Review

The USD is mixed across the board, down against the EUR and GBP, but sideways or maybe even slightly up against the commodity currencies. Well, we see some nice bearish structure on commodity currencies that could continue lower soon. Our special attention is still on USDCAD which made a nice three waves down from the high, exactly into our Fibonacci support zone so bullish reversal could be in the cards for sessions ahead.
USDCAD 1h Elliott Wave Analysis

NZDUSD is also looking bearish as recent strong leg down from around 0.7665 unfolded with an extended five waves, so we assume that’s wave three within larger bearish impulse. As such, more weakness is expected after current four wave pullback that is now at resistance, near 0.7490.
NZDUSD 1h Elliott Wave Analysis

Written by www.ew-forecast.com

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