NZDUSD Short-term Elliott Wave Analysis 3.8.2016

Short term Elliottwave structure suggests cycle from 2/29 low ended with wave ((w)) at 0.682 and pair is in wave ((x)) pullback. Internal structure of wave ((x)) is unfolding as a double three where wave (w) ended at 0.6745, wave (x) ended at 0.6815, and wave (y) of ((x)) is in progress towards 0.669 – 0.6738 area before turning higher either to new high or at least in 3 waves bounce. We don’t like selling the proposed pullback and expect buyers to appear from the above area for at least a 3 waves bounce as far as 0.656 pivot stays intact.

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