Thu, Jul 29, 2021 @ 11:16 GMT
HomeContributorsTechnical AnalysisElliott Wave View: NZDUSD Looking For Further Downside

Elliott Wave View: NZDUSD Looking For Further Downside

NZDUSD shows an incomplete bearish sequence from February 25, 2021 high favoring further downside. Near term, cycle from May 26, 2021 peak remains in progress as a zigzag Elliott Wave structure. Down from May 26 peak, wave A ended at 0.7125 and wave B rally ended at 0.7242. Wave C lower is in progress as a 5 waves in lesser degree. Down from wave B, wave (i) ended at 0.7161 and bounce in wave (ii) ended at 0.7212. Pair extends lower in wave (iii) towards 0.7112, rally in wave (iv) ended at 0.716, and final leg lower wave (v) ended at 0.7102. This completed wave ((i)) of C in higher degree.

Wave ((ii)) rally ended at 0.7155 and pair has resumed lower and ended wave ((iii)). Down from wave ((ii)), wave (i) ended at 0.7133 and wave (ii) rally ended at 0.7147. Pair turns lower in wave (iii) towards 0.696, wave (iv) ended at 0.7, and final leg lower wave (v) ended at 0.692. This completed wave ((iii)) in higher degree. Bounce in wave ((iv)) is proposed complete at 0.6998. Near term, expect pair to extend lower in wave ((v)) to complete wave C and end cycle from May 26 peak. As far as pivot at 0.7155 high stays intact, rally should fail in 3, 7, or 11 swing for more downside.

NZDUSD 60 Minutes Elliott Wave Chart

Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading