On the 4-hour chart of the New Zealand/U.S. dollar (NZD/USD) currency pair we can see a nice higher degree bearish breakdown to be in progress, with the price now specifically trading in red Wave 4). The ideal reversal zone for Wave 4) may be around the upper channel line, where sub-wave Y may find resistance. A break beneath the 0.6970 level would suggest lower levels follow.
On the 4-hour chart of the U.S. dollar/Mexican peso (USD/MXN) currency pair, we are looking at a nice bearish structure being made, with the price now trading in final wave five. Specifically, we see price trading in sub-wave 5) of five, that may see some limited downside around the lower Elliott Wave Channel line. That said, after wave five finds a bottom, the price will ideally make a three wave rise within the upcoming wave A-B-C. Even the RSI – relative strength index suggests a rally in the near term.