Euro Commodity Crosses Begin Upward Correction

[DailyFx]

EURCAD
EURAUD
EURNZD

Commentary - We wrote last week: "similar to the USDCAD, this pullback is a 4th wave and we are looking for a new low to be registered (below 1.4140) before a larger upward correction." The wave 4 pullback ended at 1.4446 and the new low was registered today at 1.4118. We are looking for the larger upward correction before another leg lower. Resistance begins at the 38.2% of 1.5687-1.4118 at 1.4717. The manner in which the correction unfolds will alert us to the entry for the next leg lower.
Strategy - Trade from the long side (looking higher but in a correction), looking to establish longer term bearish position following correction (which could take a couple months)



Commentary - We wrote last week that "a spike through 1.5955 would complete the flat correction that is unfolding from 1.5775. The 1.6007/75 congestion area should provide solid resistance." The EURAUD topped at 1.6094 on 6/27 and the next leg lower is underway. We are looking for a 5th wave to come under 1.5775 before a larger upward correction.
Strategy - Remain bearish, against 1.6212, targeting 1.5747 and 1.5229. Adding to position on a pullback towards 1.6007/75


Commentary - The EURNZD pattern is not very clear but given the fact that the AUD and the NZD are correlated, we are expecting the decline to extend as long as price is below 1.7752. Given the lack of clarity in the pattern, we are moving to flat. The well formed channel on the daily indicates potential resistance close to 1.8000 in the weeks ahead.
Strategy - Move to flat