NZDUSD short-term Elliott Wave view suggests that the bounce to 0.7060 high ended intermediate wave (4). Down from there, the decline is unfolding as Impulse Elliott Wave structure where sub-division of Minute wave ((i)), ((iii)) & ((v)) are unfolding in 5 waves within a lesser degree cycle. On the other hand, the corrective Minute degree wave ((ii)) & ((iv)) should unfold in any 3 wave corrective sequence, such as zigzag, double three, flats.
Down from 0.7060 high, the pair ended the first leg lower in 5 waves at 0.6991 low in Minute wave ((i)). Minute wave ((ii)) ended at 0.7053, Minute wave ((iii)) ended at 0.6918 low in another 5 waves. Up from there, the bounce to 0.6955 high ended Minute wave ((iv)). Below from there, Minute wave ((v)) of 1 remains in progress in another 5 waves structure. Pair has already reached the minimum target in blue box, thus cycle from 0.7060 high is mature. Once Minor wave 1 is complete, pair should bounce in Minor wave 2 in 3, 7 or 11 swings before the decline resumes, provided pivot at 0.7060 high stays intact. We don’t like buying the pair in the proposed bounce.
NZDUSD Elliott Wave Analysis: Double Correction Taking Place
NZDUSD short-term elliott wave analysis suggests that the decline to 0.6543 low ended Minor wave 1. The internals of that decline unfolded as impulse structure with lesser degree Minute wave ((i)), ((iii)) & ((v)) unfolded in 5 waves structure. Above from there, Minor wave 2 bounce is taking place as double correction higher with lesser degree cycles showing sub-division of 3 wave structure its each leg higher.
Up from 0.6543 low, the rally to 0.6719 high ended Minute wave ((w)) of 2. The internals of that rally also unfolded as double three structure where Minutte degree wave (w) ended at 0.6639. Minutte wave (x) pullback ended at 0.6609 & Minutte (y) of ((w)) ended at 0.6719 high. From there, the pullback to 0.6616 low ended Minute wave ((x)) of 2 as a Flat structure. Near-term, as far as dips remain above there, expect pair to resume the next leg higher in Minute wave ((y)) of 2 looking for 0.6795-0.6835, which is the 100%-123.6% Fibonacci extension area of Minute wave ((w))-((x)) to end Minor wave 2 bounce. We don’t like buying the pair.
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GBPNZD on the 4H. i took a long near the posible bottom, large triangle, if it breaks above MA will wait to see what it does at the trend for a possible breakout and move up
NZD/USD is moving in a downtrend. Tenkan, Kijun, and Ichimoku cloud lined up in order of seniority of periods. Stochastic at level 36, bent down. I think we should sell a couple. NZD/USD will still follow the trend down, there are no signs of a reversal.
Hi, traders. I’ve opened long position nzdusd. I believe today a wave 2 or B is ending at 76% fibo retracement. I find two hammers at H4, 0.00 h. and 8.00 h. candles. I hope the price above 0.6574.
NZD has performed well especially during the COVID-19 phase. It can be tracked down their amazing work in controlling the virus. And currently NZD USD is trading at 0.6677.
Huge moves against the NZD in the wake of the latest corona case discovery. Expect this to be a temporary spike in favour of the expected rate hike expected tomorrow. Possibly a great opportunity to go long on the NZD.
