Elliott Wave Analysis: NZD/USD moving up on Wave 3, more upside to follow

Gregor Horvat Wavetraders

NZDUSD is showing us a three-wave bullish recovery in progress, with current move up from 0.7262 level representing red wave 3). We know wave three is usually the strongest and steepest wave, which means more upside can follow in sessions ahead. Specifically, we see price now trading within sub-wave 4 of three, that can search for a potential base near the Fibonacci ratio of 23.6/38.2, before make another push higher, towards the upper channel line.

NZDUSD, 1H

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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