NZDUSD Elliott Wave Analysis: Ready For Recovery?
Hello Traders,
In this analysis, we will have a look at NZDUSD -0.63% on the 1-hour chart.
NZDUSD -0.63% 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 the 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, another 5 waves structure can be completed soon in Minute wave ((v)) of 1. The pair has already reached the minimum target in the blue box, thus cycle from 0.7060 high is mature.
Once Minor wave 1 is complete, the pair should bounce in Minor wave 2 in 3, 7 or 11 swings before the decline resumes, provided the pivot at 0.70609 high stays intact. We don’t like buying the pair in the proposed bounce.
In this analysis, we will have a look at NZDUSD -0.63% on the 1-hour chart.
NZDUSD -0.63% 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 the 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, another 5 waves structure can be completed soon in Minute wave ((v)) of 1. The pair has already reached the minimum target in the blue box, thus cycle from 0.7060 high is mature.
Once Minor wave 1 is complete, the pair should bounce in Minor wave 2 in 3, 7 or 11 swings before the decline resumes, provided the pivot at 0.70609 high stays intact. We don’t like buying the pair in the proposed bounce.
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