Preferred Elliott Wave view suggests NZD/USD is doing a 7 swing (WXY) structure up from 4.1.2015 low. 3 waves up to 0.7740 completed wave "W" followed by a 3 wave pull back to 0.7534 which we think complete a FLAT in wave X. Afterwards, the pair continued the rally higher and completed wave ((w)) at 0.7740.
We are now expecting a pull back in wave ((x)) to correct the cycle from red X low (0.7534) in 3, 7 or 11 swings followed by another push higher toward 0.7860 - 0.7937 area before decline resumes. 50 - 61.8 fib area of wave ((w)) as of now lies between 0.7638 - 0.7613. Pivot at 0.7534 low should remain intact during proposed ((x)) wave pull back for us to see 1 more push higher as shown on the chart. Once we have seen the next leg higher toward 0.7860 - 0.7937, we expect to see sellers in that area for 3 waves lower at minimum.
If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.
