Elliott Wave Analysis: NZDUSD Looking For A Correction

Good day traders! Let’s talk about NZDUSD.

NZDUSD touched our projected target for wave five of 1 so current cycle down from 0.74352 can be coming to an end. Ideally market will make a three wave rally sometime next week into a corrective wave of a higher degree. We know that, once a five-wave impulse unfolds a three wave correction into the opposite direction can follow. The upcoming corrective wave 2 can so unfold a three-wave a-b-c rally towards the former swing highs of wave fours at 0.7205/0.7244 level and make a new reversal down from there.

NZDUSD, 1H

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com