Elliott Wave Analysis: NZDUSD Showing A Sign For More Bullish Activity
|NZDUSD made a strong and sharp breach recently, out of a Elliott wave channel, which we see it as a confirmation that higher degree red wave C) is completed, and that a change in trend from bearish to bullish can be here. As such we expect a minimum three-wave reversal to follow, with wave A or 1 leading the way. That said, we can see that wave A or 1 is completed at the 0.7261 level so current minor drop can be a temporary correction labeled as wave B or 2 in progress, which can see support and a bounce near the 0.7206-0.7192 region.
NZDUSD, 1H
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
If you want more updates daily on different markets (FX, Gold, Silver, Oil, 10 year US notes, German Bund , Bitcoin, Dax, S&P500) then check our website for more details EW-Forecast.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.