Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of NZDUSD . In further text we’re going to explain the Elliott Wave structure, forecast and trading strategy.
As our members know, we were keep saying that NZDUSD has had incomplete bearish sequences in cycle from the July 2017 peak. The pair is missing another swing down to complete proposed cycle. Consequently , we knew that short term bounces should ideally find sellers in 3,7,11 swings sequences. We advised clients to avoid buying the pair and keep on selling the rallies when chance occur.
Let’s take a look at the short term Elliott Wave forecasts
NZDUSD Elliott Wave 1 Hour Chart 7.5.2018
As we can see at the charts below, NZDUSD is doing short term recovery, labeled as wave 2 red. Proposed short term bounce seems to be unfolding as a Elliott Wave Zig Zag pattern when we have recently got break of wave ((a)) short term high. Now as far as the price stays above wave ((b)) low, we have incomplete sequences in the short term cycle from the 0.6684 low calling for another leg toward 0.68462-0.6869 area ( potential sell zone). Although we expect the pair to trade higher in short term, we don’t recommend buying it yet due to incomplete bearish sequences in larger cycle. Strategy is waiting for the price to reach mentioned area-blue box before selling the commodity pair. If NZDUSD manages to reach proposed sell zone 0.68462-0.6869 area, we will open short positions there. We expect to get either further decline or 3 wave pull back alternatively. Anyway, as soon as the price reaches 50 Fibonacci Retracement against the (b) black low, we will make our Sell positions Risk Free. Stop Loss of the trade is break above 1.618 Fibonacci extension (0.69072)
NZDUSD Elliott Wave 1 Hour Chart 7.16.2018
NZDUSD has made proposed leg up and reached sell zone at 0.68462-0.6869 . It has found sellers and gave us the decline from the blue box inflection area as expected with the actual high coming at 0.68597. . Any short positions should be risk free. Currently the price is doing recovery agianst the 0.68597. As far as mentioned pivot at 0.68597 high holds, another leg down is possible toward our target. Break above 0.6895 peak would open possibility of extension higher toward 0.6897-0.6938 area.
Note: Keep in mind not every char is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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Elliott Wave Forecast
We cover 78 instruments in total, but not every chart is trading recommendation. We present Official Trading Recommendations in Live Trading Room. If not a member yet, Sign Up for Free 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.
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