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.

—-> https://www.youtube.com/watch?v=8LaBtLBE-_s&feature=youtu.be

NZDUSD, Daily

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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com