Elliott Wave Analysis: Suggest Supported NZDUSD

NZDUSD short-term Elliott wave analysis suggests that a decline to 0.6751 low ended blue wave (4) pullback. The internals of that pullback unfolded as double three structure where red wave W ended at 0.6780 low. Up from there, a 3 wave bounce to 0.6852 high ended red wave X. Then finally a decline to 0.6751 low ended red wave Y to completed blue wave (4).

Up from 0.6751 low, the pair has made a new high above 11/16/2018 peak favoring a next leg higher. Thus suggests supported to higher NZDUSD looking for more upside. Above from 0.6751 low, the initial rally to 0.6809 high ended black wave ((i)). black wave ((ii)) ended at 0.6770 low, black wave ((iii)) ended at 0.6879 & black wave ((iv)) ended at 0.6851 low. Black wave ((v)) ended at 0.6885 high which also completed red wave 1 as an impulse.

Down from there, red wave 2 pullback completed at 0.6849. Above from that low it made again a new high suggesting that red wave 3 is in progress. We don’t like selling it and expect buyers to appear in 3, 7 or 11 swings against 0.68337 low.