EURCAD
EURAUD
EURNZD
EURCAD
Commentary - The EURCAD downtrend continues as the pair has broken below 14 month trendline support. Wave structure also gives scope to a pullback. The momentum extreme (see RSI at 18) indicates that the decline is a 3rd wave (likely from 1.5509) so a 4th wave correction should unfold soon with initial resistance on the other side of the trendline near 1.4700. The 5/17 low at 1.4800 is also potential resistance. Any pullback should be corrective and give way to a new low in a 5th wave.
Strategy - None
EURAUD
Commentary - It is difficult to say whether or not the EURAUD bear trend is back on trend. It looks like the decline from 1.6594 to 1.6212 was the b wave in a large a-b-c correction. Our working assumption is that wave c is underway towards the confluence of the 50% of 1.7043-1.6193 / level where a = c at 1.6610/17. This is also the 4th wave of one less degree (1.6621). We are looking to get bearish near this level for the next leg down (likely next week).
Strategy - Waiting to get bearish after completion of wave c (likely ends near 1.6610/20).
EURNZD
Commentary - The EURNZD has been slowly working higher from the 4/18 low (1.8128). The correction unfolding may extend to 1.8761. This is where the rally from 1.8128 would have two equal legs. This is also close to the former 4th wave (1.8853). 1.8761/1.8853 is a good level to align with the downtrend.
Strategy - Waiting for completion of wave c (likely near 1.8761) in order to initiate bearish position.
