NZDUSD Short-term Elliott Wave Analysis 1.21.2015

Pair remains bearish while below 0.7891 & now the X high at 0.7710. We expect wave (( w )) of Y to end in 0.7542 -0.7503 area followed by a bounce in wave (( x )) and then lower again toward 0.7438 – 0.7374 area to complete 7 swings down from 0.7891 high. After that there should be another 3 wave bounce in the pair. We don’t like buying the pair and like another extension lower after (( x )) wave bounce as far as short-term pivot at 0.7710 high remains intact.

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