HomeContributorsTechnical AnalysisNZD/USD Bullish for 2023, More Upside after A-B-C Pullback – Elliott Wave...

NZD/USD Bullish for 2023, More Upside after A-B-C Pullback – Elliott Wave Forecast

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.

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

Featured Analysis

Learn Forex Trading