NZDUSD Has An Unfinished Five-Wave Cycle

Hello traders!

Today we will talk about the Kiwi (NZDUSD), its price action from technical point of view and wave structure from Elliott Wave perspective.

We all know the Kiwi is a commodity currency and commodities are positively correlated with stocks, so because of bullish stock and risk-on sentiment, the Kiwi remains under strong and impulsive bullish pressure and it may see more gains as we see an incomplete five-wave bullish cycle.

Well, currently seems like NZDUSD is just slowing down in wave 4, so we can easily expect more upside for wave 5 that can push the price even up to 0.74-0.75 area before it forms a potential top.

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After a sideways consolidation in wave 4, probably a triangle, the Kiwi can be ready for a break into new highs within wave 5.