Short term Elliott Wave view in NZDUSD suggests the decline to 0.6844 low ended cycle from 3/21 high in Minor wave W. Pair is currently correcting cycle from 3/21 high in 3, 7, or 11 swing in Minor wave X before the decline resumes. The rally from 4/27 low (0.6844) looks to be unfolding as a double three Elliott Wave structure where Minute wave ((w)) is expected to complete soon as a Flat Elliott wave structure , then pair should pullback in Minute wave ((x)) to correct cycle from 4/27 low before turning higher again. We don’t like buying the proposed bounce and expect Minor wave X rally to find sellers in 3, 7 or 11 swing for more downside as far as pivot at 0.709 high remains intact.
NZDUSD 1 hour Elliott Wave Chart
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