On the FX board we see slow waves, but in a corrective fashion. So, our bias from last week did not change: we anticipate a higher USD. On EURUSD we see a nice rally from Oct 23, but it’s still slow and overlapping so it is probably a corrective wave that is now testing resistance at 1.2700-1.2720. We would not be surprised by a bearish turn in the next 24 hours.
EURUSD 1h Elliott Wave Analysis
NDZUSD is also looking bearish after a nice five wave pattern of decline from above 0.8000 last week. A five wave move is a direction of a trend, which means the pair should continue even lower after a completed minor correction that is now in progress. We see nice technical resistance coming in at 0.7900 and 0.7950.
NZDUSD 1h Elliott Wave Analysis
