It was November 30th, 2018, when we last talked about EURNZD. The pair was trading near 1.6570, following a sharp selloff from as high as 1.7929 in less than two months. After such a huge and fast decline, traders were understandably very pessimistic about the pair’s prospects going into December. However, extrapolation is a dangerous…
GBPNZD: Reversal in Place, Negative Outlook Intact
Less than two weeks ago, GBPNZD was hovering near 1.9160, following a recovery from as low as 1.8127. After a 10-figure rally in just a month and a half, the bulls were getting more and more confident in their ability to keep pushing the pair higher. Unfortunately for them, the market was already sending a…
GBPNZD: A Bearish Elliott Wave Cycle is Worrisome
Three weeks ago, GBPNZD was hovering around 1.8900, but the Elliott Wave principle suggested the recovery from 1.8125 was “far from over.” A three-wave pullback was supposed to occur, followed by another rally towards the resistance area between 1.9250 – 1.9630. The chart below, published on January 2nd, explains. The recovery from 1.8125 looked like…
NZDUSD Fibonacci Bounce Causes Optimism
At the start of December, 2018, NZDUSD almost reached 0.6970. A month later, the “flash crash” which brought chaos to many other Forex pairs, dragged the New Zealand dollar to 0.6586 on January 2nd, 2019. As of this writing, NZDUSD is hovering around 0.6760 and the bulls are probably wondering whether this is a chance…
GBPNZD ‘s Elliott Wave Recovery Far from Over
A month ago we shared our view that despite being long-term bearish on GBPNZD, we thought it was time for a notable recovery. While the pair was hovering around 1.8400, the market was sending a message that a recovery to roughly 1.9000 was around the corner. As always, this message had nothing to do with…
USDJPY Crashes After Textbook Elliott Wave Setup
It is not just stock market investors and oil bulls, who have been suffering lately. The holidays do not promise to be very happy for USDJPY bulls, as well. The pair fell to 110.81 on Thursday, revisiting levels last seen in early September. The Fed rate hike, the stock market crash and the tensions between…
GBPAUD Recovery Interrupts Larger Downtrend
Life has been tough on GBPAUD bulls recently. The pair reached a two-year high of 1.8733 on October 11th, but failed to maintain the uptrend. On December 3rd, the Pound fell to 1.7210 against the Australian dollar – a crash of over 1500 pips in less than two months. As of this writing, the pair…
GBPNZD: Support Ahead, Downtrend Still in Progress
On November 2nd, GBPNZD was trading above 1.9550. As of this writing, the pair is hovering slightly below 1.8400, meaning the British pound lost over 1150 pips against the New Zealand dollar in a single month. Fortunately, the Elliott Wave Principle put traders ahead of this sharp selloff. The chart below, published on November 5th,…
EURNZD Bulls Look Better Going into December
Yesterday, we shared our view that despite being down by over 460 pips this month, a bullish reversal can be expected in EURAUD around 1.5500. Now, we are going to take a look at EURNZD, which lost even more in November. The pair plunged from 1.7359 to 1.6515 in the last thirty days, following a…
EURAUD Bears Getting Tired. Bullish Reversal Ahead?
With only one day left, the Euro seems poised to end November in positive territory against the U.S. dollar, following a sharp decline in October. Unfortunately for the bulls, the European currency is still losing to some of its other rivals this month. EURAUD, for example, is down by over 460 pips since the start…
AUDUSD Looking for Support near 0.7160
AUDUSD climbed to 0.8136 in January, but similarly to other major currencies, spent the rest of 2018 declining against the U.S. dollar. The pair fell to 0.7021 on October 26th, but recovered to 0.7338 on November 16th. As of this writing, the Aussie trades at 0.7267 versus the greenback. Should we expect the downtrend to…
USDCAD Rewards the Most Patient Among Bulls
USDCAD climbed to 1.3318 yesterday and seems determined to reach a new 2018 high. The most important reason for the decline in the Loonie is maybe the decline in the price of oil. Unlike crude’s sharp drop, however, USDCAD’s recovery did not develop so smoothly. For every step forward the bulls have been making one…
GBPNZD: Pressure Mounts with Reversal in Place
GBPNZD has been in recovery mode for the past two years. The pair took off from 1.6705 in November 2016 and climbed to as high as 2.0470 in October 2018. The pound’s rally may seem counter-intuitive on the back of Brexit concerns in the United Kingdom, but that won’t be the first time the market…
EURUSD Sharp U-Turn Predicted by Elliott Wave
2018 has so far been a terrible year for EURUSD bears and the month of October made no exception. The pair climbed to 1.1815 in late-September, but could not maintain the positive momentum. By October 31st it was down to 1.1302, losing over 300 pips that month alone. But in the Forex market traders cannot…
Solving USDJPY Riddles with Elliott Wave Hints
Unlike the stock market, where a profitable company with a growing market share will eventually grow in value in the long-term, the Forex market can be a real riddle. Macroeconomic, political and country-specific factors are fighting for influence over currency rates in the $5-trillion-a-day market. USDJPY is one of the most closely followed pairs as…
