GOLD and NZDUSD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Nov 6, 2014
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No change on gold so far; move is slow and sideways so we see it as a minor correction within ongoing decline of wave (v) that still can fall to 1120/1130 area before bounce can be found.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

It's been few days since I looked on NZDUSD, as we put it on the side after closing a nice short trade on Monday. However, now again this pair can be forming a new very interesting pattern, maybe an ending diagonal in wave 5 which is a reversal pattern. However, there is room for a decline towards 0.7600 before market can be bottoming. For a bottom confirmation, we however will need to see an impulsive bounce. For now, that's not the case, so trend is down, but its a good count to keep an eye on.

NZDUSD 4h Elliott Wave Analysis

NZDUSD 4-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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