Saturday, December 31, 2016

AUD/NZD and EUR/GBP Update

AUD/NZD made a move up, appeared initially to break the trendline, but came down again. So I had to change my count and I figure that we will get a last leg down. Still believe I'm right on the larger picture as long as 1.0237 holds and this move down is clearly corrective.


EUR/GBP went up 300 pips which is a lot during these dull trading days, but it just marginally broke that 0.8571 high, and didn't reach the 1.618 extension of wave 1. So there is a good chance this was corrective, but it can also be a leading diagonal in progress or a wave 1 and 2 followed by wave 1 and 2 of larger wave 3 (alt in red). Many options, I wouldn't trade this if I wasn't already in and up on this one.