$NZDUSD Short-term Elliott Wave Analysis 8.12.2016

Revised Elliott wave view suggests that cycle from 8/8 low (0.7084) ended with wave ((w)) at 0.734 and pair is in wave ((x)) pullback to correct the rally from 0.7084. Wave ((x)) pullback is proposed to be unfolding as a triple three where wave (w) ended at 0.7261, wave (x) ended at 0.7309, wave (y) ended at 0.7224, second wave (x) ended at 0.7266, and wave (z) of ((x)) is expected to complete at 0.7169 – 0.7187 area. As far as wave X pivot at 0.7084 stays intact, expect pair to resume higher again or at least bounce in 3 waves. We don’t like selling the pair.

11NZDUSD 6020160811214529

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