EverythingForex

NZDUSD: Break Of Resistance Signals Further Upside In Correction

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
NZDUSD had been in a extremely confused state as of the past few weeks with a very difficult to count let alone trade uptrend. But post-NFP, things seem to have cleared up as to what it is to do next.

MAIN CHART ABOVE (4HR CHART)
From this 4HR chart of NZDUSD, the subwave breakdown of this wave (3). By my count, we have not seen the end of the wave (3) yet and in fact, the wave (v) of (3) is ending in a probable ED that is also a POTENTIAL Wolfe Wave. The target line of this Wolfe Wave is right in line with my wave (4) projections.

WEEKLY CHART
In the Weekly chart of NZDUSD, what we are seeing is that this pair is in a overall downtrend but at the moment is in the corrective wave 4 retrace and that wave 4 is not yet done. We should see another push higher before the correction is done with. There is also a POTENTIAL Crab that is waiting to be filled that could be defining the end if the wave 4.
DAILY CHART
This Daily chart shows my wave count for this convoluted upward progression of this wave 4. Now that things are more clear, we can see that this wave 4 is unfolding in a 5-3-5 ABC Zigzag pattern with the waves (a) and (b) already completed. The wave (c) is in progress and currently, prices should still be in the wave (3) of 4. The POTENTIAL Bat that I show in the above Weekly chart is defining this move up and here is clearly visible as to the internal wave count of that CD leg.
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