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Elliott Wave Analysis: Correction on Kiwi Searching for a Support

Stocks slowed down a bit this week after US House of Representatives Speaker Nancy Pelosi has landed in Taiwan, becoming the most senior US politician to visit the country in 25 years. There is some concern about US-China tensions, but in the end, it can be just another political game that can be forgotten by the markets on Friday when we get important US NFP data. Today there was a release of jobs data in New Zealand, with unemployment up to 3.3% from 3.2% last month. From an Elliott wave perspective, we see NZDUSD only in a temporary set-back, a corrective a-b-c formation that can cause more upside on the pair based on two different interpretations. The first support has been tested, while the second deeper one is at 0.6190.

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