Below are weekly and daily Elliott Wave analysis on $NZD/CAD, a pair that is not part of the 42 instrument currently covered by EWF, but the same Elliott Wave Principle and technique will be applied to analyze the pair. After watching the videos and reading the commentary below, if you are interested to learn more about Elliott Wave or how we can help you, feel free to join the 14 days trial (we have free 14 days trial promotion until mid June 2015).
Rally to 0.9655 completed wave ((W)), and wave ((X)) pullback is in progress to correct the rally from wave (X) low at 0.6179, ideally towards 0.7481 – 0.789 area (50 – 61.8 back). Wave ((X)) pullback is unfolding in the form of a double correction (W)-(X)-(Y). Wave (W) is further subdivided into another double corrective structure W-X-Y, where wave W ended at 0.8617, wave X ended at 0.962, and wave Y is in progress towards 0.8332 – 0.8577.
As far as wave ((W)) high at 0.9655 stays intact, the pair is expected to continue lower towards 0.8332 – 0.8577 to complete wave (W), then it should bounce in wave (X) before another leg lower towards 0.7481 – 0.789 to complete wave ((X)). We do not like buying the pair.
From 0.7481 – 0.789 area, as far as wave (X) pivot at 0.61791 holds in the pullback, a new cycle is expected to begin and bring the pair to a new high above 0.9655, or at minimum, 3 waves bounce should take place to correct the decline from 0.9655 per Elliott Wave hedging idea.
Weekly Summary: In the weekly time frame, we are looking for a multi-month decline towards 0.7481 – 0.789 area to complete wave ((X)) pullback, then a new bullish cycle should begin once wave ((X)) pullback is complete as far as pivot at 0.61791 stays intact. This new bullish cycle can bring the pair to a new high above 0.9655 ultimately or at minimum 3 waves higher to correct the decline from 0.9655.
The decline from wave X at 0.9613 is taking the form of a triple correction ((w))-((x))-((y))-((x))-((z)) where wave ((w)) ended at 0.9294, wave ((x)) ended at 0.9457, wave ((y)) ended at 0.8795, second wave ((x)) ended at 0.9041, and wave ((z)) is in progress towards 0.8514 – 0.8715 to complete wave (W).
As far as wave X high at 0.96126 stays intact, the pair should continue lower to complete wave (W) towards 0.8514 – 0.8715, then it should bounce in wave (X) before the decline resumes to complete the weekly wave ((X)) pullback target of 0.7481 – 0.7891. We do not like buying the pair.
Second wave ((x)) high at 0.9041 should ideally hold for continuation lower towards 0.8514 – 0.8715 to complete wave (W). If 0.9041 breaks, an alternate path suggests the pair can do double correction and rally towards 0.91 – 0.915 before turning lower towards 0.8514 – 0.8715 to complete wave (W).
Daily Summary: In the daily time frame, as far as 0.96126 pivot stays intact, we are looking for the pair to continue lower first towards 0.8514 – 0.8715 to complete wave (W). From this area, the pair should then bounce in wave (X) before lower again towards the eventual weekly target of 0.7481 – 0.7891.
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Good luck trading.
Hendra Lau of the Elliottwave-Forecast.com Team