Elliott Wave Analysis: NZDUSD And AUDUSD

NZDUSD broke to the downside which has been expected as we identified a correction within strong ongoing downtrend. It was a nice a-b-c rally up in wave four. We see pair at a new low now, so it can be wave five which means a new a-b-c may occur by the end of the week. But bearish momentum is very strong so we have to be prepared on extended waves, especially now when Aussie might have finally joined the downtrend. It’s interesting to see a new leg down on Aussie despite some corrective rally on gold, so new breakdown on metals could cause a lot of trouble to Australian currency that has room now for 0.7744/69.

NZDUSD, 1H

AUDUSD, 1H