Technical Analysis

Elliott Wave Analysis: NZDUSD Trading In A Temporary Setback, With Support Around 0.6852/0.6840

Typography

NZDUSD has been trading bullish since November 17 and unfolded a higher degree wave A), first leg of a bigger three-wave recovery. Well rise has recently stopped near the upper Elliott wave channel line at 0.6945 level and breached lower, ideally for a three-wave correction into wave B). As of today, we see price again rising, but only for a temporary sub-wave B of B), with possible resistance coming in at around 0.6940 region. There a new drop into wave C of B) may follow, with significant support coming in at 0.6852 level former swing low.

NZDUSD, 1h

Author: Elliott Wave Financial ServiceWebsite: http://www.ew-forecast.com/
Elliott Wave Financial Service
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