Elliott wave Analysis: NZDUSD Update

Hi traders,

NZDUSD can be trading in a five-wave bearish movement, down from the 0.6835 swing high. We are specifically looking at recent sharp intra-day recovery which can be corrective wave iv), and can also look for resistance at the Fibonacci ratio of 38.2. A sharp drop from the mentioned Fibonacci would indicate wave v) to be in play, towards the 0.6700/0.6690 area.

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As expected, Kiwi is breaking lower sharply and impulsively and can be aiming towards 0.66 - 0.65 area, maybe even lower!