The Kiwi is nearing support within a complex correction [Video]
|NZDUSD(Kiwi) came lower, fell quite aggressively back in September from the 0,60 psychological after the Fed decided to cut rates by 25 basis points, but Powell also sounded concerned about inflation and the economy, so USD came higher. Looking at the wave structure, it seems price is now trading in subwave “c” of Y of a complex W-X-Y corrective decline from the July highs, meaning this is a correction that can come to an end at around the channel support near 0.5700 level. So we expect that sooner or later kiwi will stabilize, but until we recover above the corrective channel the bullish trend is unconfirmed, but we think it can show up while the price is above 0.5488 level.
NZDUSD 4H Chart
For a detailed view and more analysis like this, you can watch below our latest recording of a live webinar streamed on October 06:
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
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.