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

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