NZD/USD is bullish for 2023, more upside after A-B-C pullback – Elliott Wave forecast

Gregor Horvat Wavetraders

NZD/USD turned bullish as expected after we spotted a completed five-wave bearish cycle within wave C back in October 2022. Notice that the recent rise is much more extended and clearly made by five waves up without overlaps up from the lows, so it's an impulse; a change in trend that will send prices even higher in 2023. However, nothing moves in straight lines. We know that after every five waves, a three-wave correction occurs which can be underway as an irregular/expanded flat correction, currently with subwave (B) in progress, which is looking overlaping up from 0.6183, so the upside can be limited as bulls are looking tired. That said, be aware of a wave (C) still, but 0.7419 support should be taken out first.

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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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