NZDUSD main cycle from September 24.2020 low is showing an Elliott wave impulse rally higher but still missing the wave (5) favoring the idea of 1 more push higher before ending 5 waves rally from September lows. In the 1hr chart below, the pair is showing an impulse rally higher in wave (3) where wave 4 of (3) ended at $$0.7120 high. Then wave 4 pullback ended as a lesser degree flat correction at $0.7052 low. Up from there, pair made another 5 waves rally & ended wave 5 at $0.7171 high thus completed wave (3).
Down from there, the pair made a wave (4) pullback. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $0.7108 low. Above from there, wave B bounce ended at $0.7143 high and made another 5 waves decline lower which ended wave C of (4) at $0.70002 level. Now, as far as the pair remains above 0.70002 low pair is expected to resume higher in wave (5) looking to reach a minimum towards $0.7212- $0.7278 inverse 1.236-1.618% Fibonacci extension area of wave (4) before ending 5 waves rally from September lows. Alternatively, if pair brokes below the $0.70002 low & does the double correction lower from the peak then it can see $0.6942- $0.6901 area lower before starting the next leg higher.
NZDUSD 1 Hour Elliott Wave Chart
