NZD/USD Elliott Wave: Price reaches an extreme zone from the 0.5897 peak

Elliott Wave Forecast Team ElliottWave-Forecast.com

In this technical blog, we’re going to take a quick look at the Elliott Wave charts for the NZDUSD Forex pair, published in the members’ area of the website. Recently, NZDUSD made a significant decline within the cycle from the 0.5897 peak. In the following analysis, we will examine the Elliott Wave structure in more detail.

NZD/USD Elliott Wave four-hour chart 09.10.2026

NZDUSD is currently correcting the cycle from the 0.56249 low. Recently, the pair made a new short-term low, which made the price structure of the pullback incomplete. Our members know the importance of incomplete swing structures, as they can help us determine the market’s next path with greater accuracy. The current view suggests more short-term weakness before the next rally takes place. The target is measured using the Fibonacci Extension tool. The pullback is forming an Elliott Wave Double Three pattern. Therefore, we identify the reversal/buying zone by measuring the W-X Equal Legs area using the Fibonacci Extension tool. In this case, the Equal Legs zone comes at 0.5715-0.5671. From this area, we expect buyers to step in and regain control, potentially driving the price higher in a three-wave bounce at least.

NZD/USD Elliott Wave four-hour chart 09.10.2026

The pair has continued to trade lower, as expected, reaching a key technical area at 0.5715–0.5671, defined by an equal-legs measurement. This zone is important for the current structure. Sellers may look to take profits here, while buyers could step in and provide support. As a result, we may see a short-term corrective bounce developing over the coming days, potentially unfolding in a three-wave structure.

Important note: Our analysis is not based on Elliott Wave in isolation. We perform detailed higher-time-frame cycle analysis, which shows an incomplete market structure. This is one of the key drivers of price action, along with correlation analysis and broader market context.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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