EURNZD seem to be trading in a three-wave drop down from the 1.726 high, giving us an idea of a bigger A-B-C correction to be in play. We specifically see price unfolding a five-wave drop as part of wave C, which can look for support and a bounce near the 1.6700 region. A rally in five waves and a break above the 1.687 level would confirm more gains.
EURNZD, 1h
EURCAD broke out of a wave “iv†triangle into new lows for wave “vâ€, so be aware of a three-wave a-b-c corrective recovery back to 1.53 – 1.54 resistance area soon. As long as price keeps trading below 1.5638 we will remain bearish.
Support and possible bounce for the upcoming recovery can be around the Fibonacci projection zone of 138.2 and 161.8.
EURCAD, 4h
