Elliott Wave Analysis: NZDUSD Trading In A Temporary Correction; Upside Can Be Limited Around The 0.72500 Region

Gregor Horvat Wavetraders

On the 4h chart of NZDUSD we can see a nice eight wave cycle in play, with price specifically trading in the second phase of this cycle. If we are on the right track then current upward activity is part of the final leg C, that is trading in final stages. That said we believe upside may be limited in the near-term around the 50.0 or 61.8 Fibonacci ratio, as this three wave A-B-C move is regarded as a temporary correction. As such bearish movement may follow in the next few trading days.

NZDUSD, 4H

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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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