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NZD/USD Short Term Elliott Wave Analysis 4.28.2015

FX_IDC:NZDUSD   NEW ZEALAND DOLLAR / US DOLLAR
44 0 2
Here's our Chart of the Day 4/28/2015

Preferred Elliottwave view suggests $NZD/USD is doing a FLAT correction with wave (A) completed at 0.789 on 1/15, wave (B) ended at 0.7177 on 2/3, and the pair is currently finishing wave (C) of ((X)) in 5 waves diagonal.

From wave 4 of (C) low at 0.739, the pair rallied in 3 waves to complete red W at 0.774, then it did a pullback in red X towards 0.7534. Afterwards, the pair continued the rally higher and completed wave ((w)) at 0.774 and it is currently expected to pullback in wave ((x)) to correct the cycle from red X low at 0.7534 before another leg higher to complete wave ((X)) towards 0.786 – 0.794.

Once wave ((X)) is complete in 0.786 – 0.794, the pair should resume the decline to new low or pullback 3 waves at minimum.

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