NZDUSD Elliott Wave View: Resuming Higher
|NZDUSD Short Term Elliott Wave view suggests the rally from 8/31 low unfolded as a double three Elliott Wave structure and ended with Minor wave W at 0.7434. Up from 8/31 low (0.7127), Minute wave ((w)) ended at 0.7337, Minute wave ((x)) ended at 0.7182, and Minute wave ((y)) of W ended at 0.7434. Minor wave X pullback is proposed complete at 0.7276 and unfolded as a zigzag Elliott Wave structure. Minute wave ((a)) of X ended at 0.7314. Minute wave ((b)) of X ended at 0.7364 and Minute wave ((c)) of X is proposed complete at 0.7276. Near term, while pullbacks stay above 0.7276, and more importantly as far as pivot at 8/31 low (0.7127) stays intact, expect pair to extend higher. We don’t like selling the pair.
NZDUSD 1 Hour Elliott Wave Chart
Zigzag is a 3 waves corrective pattern which is labelled as ABC. The subdivision of wave A is in 5 waves, either as impulse or diagonal. The subdivision of wave B can be any corrective structure. Finally, the subdivision of wave C is also in 5 waves, either as impulse or diagonal. Thus, zigzag has a 5-3-5 structure. Wave C typically ends at 100% – 123.6% of wave A.
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.