I admit that I could be completely wrong and if so will not have to wait to find out.
However, looking at the KIWI chart on Monthly, supports the view based on my interpretation of Principle that we could be close to forming a major low and that NZDUSD could move up to retest 2014 high or most likely make a new higher high in the proximity of 0.93 -0.95 (See Monthly Chart)
Summary of Technicals:
1. Since 1985 low, it appears that we are in expanded of previous decline. Wave A and B are of 3 swings each therefore based on EW principles Wave C should be of 5 waves.
2. If correct the we are progressing in wave C which commenced from 2000 low.
3. Wave C could be in the form of of 3-3-3-3-3 construction of which we could have waves 1, 2, 3 complete and now wave 4 almost appear to be complete or is likely to very soon.
(Please see Monthly chart below for 1 -3 above)
4. Using the we note that the decline from 2014 high has been in abc zizgag of which wave c is expanding also of 3-3-3-3-3 construction with confluence of several fib ratios as noted in the chart.
5. We have clear divergence noted both in monthly - daily time frame charts.
6 We have retraced approximately 66.67% of 2009 low to 2014 high ( percentage which equates to 2/3rd)
Hence, I will be on the look out on H4 charts for confirmation to consider long trade in this area or little lower.
The schematic price path shown on the chart is only an outline of anticipated directional move and not necessarily the exact highs and lows.
This is a very long term play and it would be absolutely normal for retracement along the way and sharp bounce would not necessarily alter the overall price path anticipated. This would offer shorter term swing trades in both direction.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
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