NZDUSD Elliott Wave Analysis: Bullish Impulse Suggests More Upside

NZDUSD Elliott Wave Talking Points:

  • NZDUSD appears to be rallying in an Elliott wave impulse
  • The current impulse wave may continue to .6860 and possibly .6950
  • An immediate move below .6611 would cause us to reconsider the current wave count

NZDUSD has rallied strong from the October 7 lows. The structure and wave relationships of this rally point towards a developing bullish impulse wave that is incomplete. If our interpretation is correct, then we could see a move to .6950 in the coming weeks. H2 – The current Elliott Wave for NZDUSD

The current Elliott Wave for NZDUSD

NZD/USD formed an extended wave 3 and is currently correcting to complete wave 4

New to Elliott wave corrective patterns? On page 3 of our Elliott wave Advanced guide, we explain wave extensions.

It appears the third wave of a bullish impulse wave finished on the November 7 high. Therefore, NZD/USD may be correcting in a fourth wave.

We consider the fourth wave still in process as NZDUSD has yet to meet the upward sloping Elliott wave trend

Article source: