NZD/USD Back In Downtrend, Crude Oil Testing Neckline-Elliott Wave Video

Good day traders!

We have seen some nice breakdown on NZD/USD last week, a push below two-year old trendline support which means that pair can be in a new bearish cycle. We are tracking an impulsive decline, meaning that weakness is expected to stay here until we see a big five wave drop from 2017 high. It’s a long way to go, thus an opportunity on the short side. I was looking for shorts overnight but missed them slightly above 0.7000, but want to give it a new try on a retest of that level, of-course after an a-b-c recovery that I expect to see by the week end.

If you want to hear more about NZDUSD then I invite you to watch my latest video analysis, in which I also talk about big Head and Shoulder pattern on crude oil and bullish view on GBPAUD.



Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: