Elliottwave Analysis: NZDUSD, one touch 0.6987 is likely

Yue Wang LinoCapital

NZDUSD formed a 5 wave decline from 0.7437.

Price almost reached 0.6659, 100% extension of a large ABC correction from 0.7557.

According to Algo Trader system, medium term trend still point down, but price hold above H4 upper bands.

We'll look to buy deeper retracement and use H1 bands as entry and exit pointer.

Price needs to close above at least 0.7063 to erase further downside risk.

Daily support levels: 0.6814 0.6791 0.6768

Dialy resistance levels: 0.6853 0.6878 0.6919

NZDUSD Trade Idea:

Buy Limit @ 0.6767 SL 0.6705 Take Profit @ 0.6897

Intraday Trade Idea: (Spot 0.6840)

Sell Latentinterest Order: 0.6878

Buy Latentinterest Order: 0.6791

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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